Worried I might lose tax credits and have to go back on the dole

dodger1

dori2o wrote: »

The OP has a job, it's a start-up business which unlike so many other start-ups is actually making a profit in its first year. Many new businesses take 2-3 years to realise a profit.

Agreed, however if the business is indeed viable with a good business plan then why not get a business loan instead of relying on state handouts. That is a genuine question BTW as that used to be the standard practice for new businesses.

missbiggles1

bloolagoon wrote: »

Maybe it's because people are vulnerable?

It makes you wonder just who isn't these days.

lovinituk

Michael2015 wrote: »

I work unsociable hours too. Sometimes 2-5am - because the factory I use is in China.

Then I work during the day too.

The multiple factories that I use are in China too but I'm never up talking to them at 2 - 5am. There's this great little invention called email

dodger1

bloolagoon wrote: »

Maybe it's because people are vulnerable?

Since you ask the question I don't see what vulnerable has got to do with it, the quote was

The rules from April 15 state that if you don't work NMW x qualifying hours then you could be subject to a compliance check and be asked to provide evidence that you are in a regular and organised trade, profession or vocation on a commercial basis and with a view to achieving a profit.

The self-employment should also be structured, regular and ongoing.

Another poster suggested that the post was lacking in information and could scare some people, I'm simply saying I disagree, the statement to me covers it well and I find it difficult to understand how that could be scary in any way if the business really is viable. If your comment was sarcasm then my radar is off today!!

lovinituk

dori2o wrote: »

The problem now is that this Government is no longer willing for a new business to take 2-3 years to realise it's potential and grow into a business that will sustain the OP without the need for WTC, they want instant profits right from the off.

The real problem is that too many p*ss takers started 'self-employment' simply to claim tax credits. These people never had any intention of growing their 'business', they were just taking advantage of a loop hole. Now that loop hole needs to be closed and in the absence of a truck load of actual working crystal balls, HMRC will require people to prove that they are actually doing some work in their 'business'.

Blame the whole benefits mess on all those people that have been deliberately defrauding it over the years. Its because of them that everyone is now experiencing extra controls.

bloolagoon

dodger1 wrote: »

Since you ask the question I don't see what vulnerable has got to do with it, the quote was

The rules from April 15 state that if you don't work NMW x qualifying hours then you could be subject to a compliance check and be asked to provide evidence that you are in a regular and organised trade, profession or vocation on a commercial basis and with a view to achieving a profit.

The self-employment should also be structured, regular and ongoing.

Another poster suggested that the post was lacking in information and could scare some people, I'm simply saying I disagree, the statement to me covers it well and I find it difficult to understand how that could be scary in any way if the business really is viable. If your comment was sarcasm then my radar is off today!!

It was sarcasm because the poster who claimed BB post was to frighten and lacked information in the same post claimed OP is vulnerable.

I agree with you it was a great post.

dodger1

bloolagoon wrote: »

It was sarcasm because the poster who claimed BB post was to frighten and lacked information in the same post claimed OP is vulnerable.

I agree with you it was a great post.

Glad I added the last bit then

FBaby

That is a genuine question BTW as that used to be the standard practice for new businesses.

It was standard because TC didn't exist as an alternative. On one hand, you get a loan that you need to repay successful or not, on the other hand, you get the money regardless of the outcome and never have to pay it back...

Indeed, when it used to be a loan or nothing, people thought twice before becoming self-employed and they certainly gave everything into the business to make it successful. Loans rarely covered 2-3 years before the business could start pay an income, and those who went ahead and took a loan didn't know anything about working 16 hours!