We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Threshold for repaying pre-1998 loans and self employment

Options
Hi folks,

Hoping someone can give me an answer here - I've been trying to find out how gross income is regarded in respect to self employment. I've currently deferred my pre-1998 loans, but will be going self employed shortly, driving a black cab. My turnover will be above the threshold for repayments (around £39k), but I need to rent a cab, and obviously pay fuel etc. These costs will push me below the threshold (around £26k). I dont expect to be taxed on £39k, but will on the £26k.

Does anyone know which figure they will use when it comes to deferment? They ask for a gross figure before tax, and if this means £39k, the subsequently triggered loan repayments would probably prohibit me from going self employed.

For various reasons, I'm reluctant to ask the loan management company at this stage, so I'm hoping I can get an idea of how it works here?

Thanks for reading.

Comments

This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.