Threshold for repaying pre-1998 loans and self employment

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

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards