hubby wants to go self employed worried cant afford 2

relynutz

am after some advice if possible please?

my hubby is an hgv fitter and wants to start his own business and go self employed as a mechanic.

but we have 3 children
dd is 8
ds is 3
ds is 22 months

i currently work between 8 - 15 hrs a week
but i dont know where we would stand about claiming tax credits ???
i am worried that if he leaves his job then and goes self employed, until he has built up a good customer base that we'll get into debt ( even more)

1. can you still claim tax credits being self employed
2. how do you work them out

i dont really understand how it works coz surely your income wouldnt be the same every week???


any help greatly appreciated:D

Becles

You can claim tax credits if you are self employed - I do!

You just have to give them a rough estimate of earnings at first. You can ring up and advise them during the year if your estimate was wildly wrong though.

relynutz

how do youknow what sort of wage you will be onbeing self employed for a start?

rachnbri

I've never done it but I guess that you'd estimate your earnings for the first couple of months and then inform tax credits if they're very different. Your hubby must have a vague idea of what he'll be bringing in?

Becles

relynutz wrote: »

how do youknow what sort of wage you will be onbeing self employed for a start?

Has he got a business plan?

He should have written down projected income and expenses which will give an idea of the wage he can earn.

relynutz

oh yeah duh lol thanks guys