selling my flat

ROXIKaroake

When I started my business, I did not have any capital but the nature of the business I can get grants and funding through the government schemes.

So, when my employer placed me on gardening leave, which was completed last year November, I got support through the jobcentre.

I was advised to go on Universal Credit as a self-employed new startup, they are providing me with funds for my daily living and for my children because I was classed as unemployed.

The job centre has helped me apply for funding and it is going well.

I will receive support for one year until my business starts proving me with an income. 

I also have over £30.000 of student loans.

I did not declare this my flat as I was not receiving an income from it. 

I am in the process of selling my flat and would like to know if the funds I receive from the sales will affect my business accounts, my personal account and would I have to pay capital gains tax and any other taxes.

I have spoken with the solicitor who said to open another account. Please advise as I do not know what to do.

user1977

Not clear what you mean - "did not declare" to whom? What did you declare? That you didn't own any property?

elsien

Your situation is a little unclear but universal credit asks what capital you have. If you had a flat that you were not living in (that’s the bit I’m not sure about) it should have been declared.

More information about your flat needed. 

propertyrental

and your mention of capital gains tax is strange. 

Presumably you don't live in the flat yes?

But nor do you receive an income from it - so it is empty yes?

Where do you live?