Can I get any help - now self employed but do rent out a house

hereishappyhelen

Question 1
I have now gone self employed and know my first year will make very little profit. I am living on my own(in my own house) and would like to know if I could get any help with council tax etc.

I have got a property that I rent out but dont make any money from it. The rent just covers my payment etc. Will this stop me getting any help.

If I can get help, how can I show my wage will be low when I have only started this year I dont have any books as yet, ( well now got 4 months)

Any help and advice would be great as Im having a hard time at the moment but dont want to give up with my new business. Is ther any websites that help small business with advice for free?.


Questionn 2
If I do go and get a part time job to help me pay my bills, how does that work with my books and tax etc.

Thanks for any help or advice

Conor_3

Q1: It's classed as a taxable income. Best way to do it is as a seperate business.
You will be asked to show accounts periodically - usually every 3 months.
Your local Business Link is a great source of information - use them.

Q2: You will fill in the PAYE page on your self assessment form next year with the details from the part time job. Any losses from the business will be taken off the gross income figure from the PT so it may reduce the tax you pay on it. Basically HMRC add both PAYE and SE incomes together, look at what tax is due on the lot and deduct from that what you've paid through PAYE and the remaining amount is your tax bill. you will still have to pay class 2 NIC even though you pay NIC through the PT job.

hereishappyhelen

Thanks Conor.