self employed

lfcdream

Does anyone know of any benefits the Self Employed can claim while there starting out and have no money coming in?

thanks

Ceire

[Deleted User]

You may be able to claim working tax credits providing you meet the criteria.
You need to give more information though.
What is your age, do you live with a partner, do you have any kids?

James123_2

Hi there,
I've been self-employed for 10 years - at least, I was until illness laid me bare. However, it's quite usual for a self-employed person NOT to make much of a profit in the first year - if any at all. This applies particularly if you're starting a business. Set-up costs could be expected to eat into any income. Whilst the TC folk work out benefits based on the last tax year, you could inform them of your position and offer a provisional set of figures for your new venture. On this basis you could then be awarded WTC - these kick-in for a single person earning under £11700 - as I recall.
DON'T forget to claim NI credits if your profits are very low - about £5k.
Please note I'm not an 'expert', just someone who's lived with the system for many years.