Working tax credits self employed

LONDONBOY123

sueturnersmith wrote: »

I've read enough of this rubbish! LONDONBOY123 why not just be honest...this "friend" does not really exist, does he?

He signed on via Post.

As I say you cannot move with no money and how do you buy walking boots on £33 a week when utility bills alone are £40 ( and this is'nt enough, and not even bought a loaf of bread yet for his weekly food shop ).

Money is not available to borrow either to buy any sort of transport as his credit history is poor due to losing his job, so obviously not having any cash to keep up the loan repayments.Again a a vicious circle.

Poppie68

This should of been called by now......Troll.
It's starting to read like a 'woe is my useless friend" saga....

leveller2911

LONDONBOY123 wrote: »

The business is viable hence has been signed off by the DWP.

As regards the moving or getting transport, how does he do this with no money?? And no transport means no job which means no money- its a viscious circle, unless he does walk the Im all ears.Borrowing is not a option.

Then the fact is "His business" is not viable. The business model may be viable for someone who has good transport links and money to back the business but for him its NOT VIABLE..................As stated previously.

I speak from the experience of running a business for 25 years and your friends business is not viable for him...........

LONDONBOY123

leveller2911 wrote: »

Then the fact is "His business" is not viable. The business model may be viable for someone who has good transport links and money to back the business but for him its NOT VIABLE..................As stated previously.

I speak from the experience of running a business for 25 years and your friends business is not viable for him...........

His business is home based.There is no need for him to use transport at all for the business.EVERYTHING is done via ebay, which is obviously great for him as the transport issue is irrelavant.

FBaby

LONDONBOY123 wrote: »

His business is home based.There is no need for him to use transport at all for the business.EVERYTHING is done via ebay, which is obviously great for him as the transport issue is irrelavant.

I am really curious about this business model. From what I have gathered, your friend goes on ebay and looks for jetskis that he bids for. Are they then being delivered to his address? Where does he store them? Then he sells the jet skis back on ebay and somehow is confident that he will always sell the marchandise at a higher price? Except that he hasn't in the last two months, but there is nothing to learn from this because somehow suddenly, he is going to sell in a few more months?

He spends 35 hours a week searching on ebay for new marchandise except that he has no more funds to buy anything else until he sells one of his stock? He struggles so much that he can't even save a penny, but somehow owns/rent a property big enough to be able to store jet skis?

I'm not a business owner so maybe I am missing something, but I really can't see how this could be called a viable business. Since you are so convinced that he is, and you are an expert in such matter, it would be very interesting if you could share how these schemes work, ie. how many jet skis he would need to sale and what margin would need to be achieved for him within what period of time for him to be able to live off the profits?

misspickle_2

And apparently he is struggling so much that his internet is due to be cut off.

Won't be very viable then!

I think we can all put it down to a failed venture.

I think your "client" needs to rethink where he gets his advice from. You don't appear to have been much help to him londonboy.

PlutoinCapricorn

LondonBoy, this thread is of interest, in particular where naive people who are encouraged to get off JSA by starting a business only to find things get worse is concerned:
https://forums.moneysavingexpert.com/discussion/5154652

sheramber

Does he have permission from his lamdlord to run a business from home?

Has he advised the council he is suing the house as business premises and paying business rates?

PlutoinCapricorn

Business rates only apply when something has been converted from residential to business use only. No customers visit I assume, and there are only a few parcels coming in so this venture is unlikely to cause any inconvenience to the neighbours.

LONDONBOY123

Now my client is on the £33 a week level and working tax credits has not been granted.I have advised him to close the company down and start to claim JSA again. A shame really he got no help at all in starting up his business off the government but such is life I guess.

At least back on JSA he will get his full National Insurance Class 1 stamp.