Need help & advice on getting some financial help.

D10R

Hi,

I'm looking for some help and advice on getting some help financially.

About me:
- I'm 2x years old
- I'm single
- I live with my parents paying them rent for food, electricity and a room.
- I have no children or dependents
- I am not a carer for anyone.
- I have no major illness other than severe anxiety (not diagnosed)
- I am not and have not recently received any form of benefit.
- I work full time, self employed (a director of a LTD company)
- I work 30+ hours a week (more like 48+ hours a week)
- I started work a few years ago and expect to continue working on it for much longer.
- I haven't made any money from the business to date, the business is using all of the money it makes at the moment as it's still being worked on, sooner or later it will start to make money but at the moment it's not.
- I occasionally make some money on the side helping family and friends with things, but this is very rare and isn't more than £300 over the course of a year.
- My capital is worth less than £6000, probably around £1500
- The business capital fluctuates a lot, but is mostly under £2000 (I'm a joint director, my shares would only entitle me to 30%)

I'm not really sure what, if any financial help is available for someone in my position.

I've been looking on some calculator websites and I think I might be entitled to working tax credit of £53.33 per week, which would help me cope financially. As far as I can see there is no Universal Credit in my area yet (not sure if I would be entitled to it)

I also assume I would be able to get some help with the NHS Low Income Scheme to help with some costs of prescriptions (does this include costs for the opticians?)

I would very much appreciate any help and advice that can be given. Thankyou

Money_maker

I cant help with the benefits side but a business that you've worked on full time for several years that still isn't making any profit and wont for some time to come sounds more like a hobby.


Surely you would be better off finding a full time job and doing this on the side until it starts to be profitable? Incidentally, how are you paying your parents your keep unless you are turning over some kind of a profit from something?

D10R

Hi MM

It requires a lot of work in order to make it profitable, it's not a business that can be worked on as a side job, if I did that then I would have to re-start from scratch and the business hasn't had £10k+ injected into it at the start, it's been built from scratch with no big investment money at the start, if I had 10k+ right to inject it would be profitable fairly quickly. It makes profit but that profit is put back into the business to make it grow.

Previous employment + savings from before I started working on this business is how I am paying.

Darksparkle

What age are you? You have put 2x

D10R

The 2x is for bit of anonymity I'm over 25 but under 30

Darksparkle

Based on what you have said you should be entitled to WTC however HMRC will likely question your lack of income.

Company directors are a bit of a grey area for tax credits though.

FBaby

Especially as they are now scrutinising such businesses much more than they used to after an increase in such businesses that seemed to require so much dedication yet never seemed to make a profit after many years, ie. a business that would have long folded if it wasn't for it allowing an income from tax credits.

Darksparkle

FBaby wrote: »

Especially as they are now scrutinising such businesses much more than they used to after an increase in such businesses that seemed to require so much dedication yet never seemed to make a profit after many years, ie. a business that would have long folded if it wasn't for it allowing an income from tax credits.

I've wondered how they do checks on ltd companies. Obviously they have checks for the self employed if they don't meet NMW x hours however company directors would be considered an employee for tax credits and not self employed.

Bogalot

You could get a part time job alongside your business. Plenty of full time workers work weekends and evenings elsewhere in order to pay the bills.

Do you have any idea of when your business might make money?

D10R

Hi Darksparkle

Yeah I understand that and I can prove the validity of the business very easily.


Hi FBaby

They can scrutinize as much as they want, the financial help wouldn't be used for the business it would be to help me live... If I gave up on this business I would have to look for other work which would put me in a possibly worse position needing help with JSA. I haven't claimed anything even though I could have in the last few years, doesn't that show you that I'm legitimatey needing help.


Hi Bogalot

I can't make this a side job, it requires lots of work and time. If I put it to the side I would have to stop the business.

I don't have any idea when it will be able to pay me a wage, the money its making is going back into the business to try and get it to be stage where it can pay me a wage. I would certainly hope it would be by the end of this year, at the very latest end of 2018. I


BrassicWoman

No, the business wouldn't get any of the financial help. The business isn't failing, it's still growing and getting better so sooner or later it will be making plenty and paying back into the system.

I'm not a "taker" like you're suggesting. What you're suggesting is give up on something I've worked several years on with lots of hard work, throw it away and look for a job with my poor grades which would result in me needing help financial with JSA which is even more tax payers money. I've left this for several years before seeking help financially, tried to avoid it as much as I can.

Thanks for your judgment though...

Mojisola

D10R wrote: »

- I work full time, self employed (a director of a LTD company)
- I work 30+ hours a week (more like 48+ hours a week)
- I started work a few years ago and expect to continue working on it for much longer.
- I haven't made any money from the business to date, the business is using all of the money it makes at the moment as it's still being worked on, sooner or later it will start to make money but at the moment it's not.

D10R wrote: »

I understand that and I can prove the validity of the business very easily.

If you have been working for 48+ hours a week for a few years and still haven't made any money from the business, I doubt you can prove its viability.

If this business doesn't bring in enough money to pay you a wage, you'll need to get a part-time job to tide you over until it does.