Any financial help if you are self employed but also have rental income

fugitive333

Hi all
I can't seem to find anything on this no matter where I look so thought I would ask here.
My income comes from self employment, though most of it is classed as rental income, not self employed income. It isn't enough to live off so I also work as self employed. This has totally dried up this year so there is a massive decreas in my income. I am not entitled to UC due to the equity in the property and not entitled to self employed grant due to the low % of my income classed as self employment. There must be something I am entitled to?
Thanks for reading

MattMattMattUK

You can claim New Style Jobseekers Allowance if you have the relevant NI contributions and seek employment, apart from that not really, you have a large asset which you could sell. If you put the property on the market then it is disregarded for a UC calculation for 26 weeks, but if you still have an income from it that would factor into any UC calculation.

https://www.entitledto.co.uk/help/Own-other-property

fugitive333

Thank you. I have just looked into that.

Jeremy535897

MattMattMattUK said:

You can claim New Style Jobseekers Allowance if you have the relevant NI contributions and seek employment, apart from that not really, you have a large asset which you could sell. If you put the property on the market then it is disregarded for a UC calculation for 26 weeks, but if you still have an income from it that would factor into any UC calculation.

https://www.entitledto.co.uk/help/Own-other-property

You don't treat net rental income as income for UC, but it does become part of capital if not spent. The value of the property is treated as capital as well, net of its mortgage, subject to the point about putting it on the market.

fugitive333

Indeed, net rental income is not classified as self employed income, hence I am not able to take advantage of any self employed grants. My savings are over thje UC threshold too, but the whole point of them is as savings, not to subsidise me not being able to work due to the pandemic.

macman

If 'most' of your income is from rental, then how can the drop in your s/e income amount to a 'massive' overall fall? 
One option would be a BBL, another is to try and find some other short term work to boost your income.

MattMattMattUK

fugitive333 said:

My savings are over thje UC threshold too, but the whole point of them is as savings, not to subsidise me not being able to work due to the pandemic.

What exactly to you think savings are for, if not to tide you over in the bad times?

poppy12345

MattMattMattUK said:

You can claim New Style Jobseekers Allowance if you have the relevant NI contributions and seek employment, apart from that not really, you have a large asset which you could sell. If you put the property on the market then it is disregarded for a UC calculation for 26 weeks, but if you still have an income from it that would factor into any UC calculation.

https://www.entitledto.co.uk/help/Own-other-property

Self employed are unable to claim New style JSA because of the NI contributions needed. Unless the OP has worked PAYE in tax years April 2017 to April 2019 and paid the correct amount of NI Contributions they won't be able to claim NsJSA.

Atlas234

MattMattMattUK said:

fugitive333 said:

My savings are over thje UC threshold too, but the whole point of them is as savings, not to subsidise me not being able to work due to the pandemic.

What exactly to you think savings are for, if not to tide you over in the bad times?

To be honest it does seem a little unfair that employers and the self employed get grants and furlough while those who live off rental income are expected to use their own savings (I'm not a landlord btw so no vested interest) 

MattMattMattUK

Atlas234 said:

MattMattMattUK said:

fugitive333 said:

My savings are over thje UC threshold too, but the whole point of them is as savings, not to subsidise me not being able to work due to the pandemic.

What exactly to you think savings are for, if not to tide you over in the bad times?

To be honest it does seem a little unfair that employers and the self employed get grants and furlough while those who live off rental income are expected to use their own savings (I'm not a landlord btw so no vested interest) 

Rental income is a return on investment, the same as dividend. Returns on investments are not guaranteed, neither is the investment itself, so it would appear entirely correct. 

Niv

Atlas234 said:

MattMattMattUK said:

fugitive333 said:

My savings are over thje UC threshold too, but the whole point of them is as savings, not to subsidise me not being able to work due to the pandemic.

What exactly to you think savings are for, if not to tide you over in the bad times?

To be honest it does seem a little unfair that employers and the self employed get grants and furlough while those who live off rental income are expected to use their own savings (I'm not a landlord btw so no vested interest) 

The OP is a bit of a hybrid which it seems the system cant catered for. He is not living off rental income otherwise the question asked would be moot.
Still doesn't change that fact that savings are there for the bad times. I agree that its not what you want to use them for but ultimately its why I have a cash savings account.