Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • kingsroad
    • By kingsroad 11th Sep 17, 9:10 PM
    • 5Posts
    • 0Thanks
    Universal Credit - Self Employed - Allowable Expenses
    • #1
    • 11th Sep 17, 9:10 PM
    Universal Credit - Self Employed - Allowable Expenses 11th Sep 17 at 9:10 PM

    I have a few questions regarding being self employed on universal credit.

    I need to buy a van but am struggling to find the best way to do it.
    Millage/pence per mile does not work for me.

    Is contract hire the only way to take the full payment off per month (if 100% for work).

    If I use a personal loan or HP all I can deduct is the interest per month? (up to 500 per year)

    I need to put everything through for expenses so the millage does not work - but its the buying off the van i am confused about .

    1. I can buy a 1500 van but it can only be counted for the first month on UC thereafter all I can charge is the expenses for fuel/tax/repairs on the month they are paid.

    2. Buy a more expensive van - How do I fun it to give me monthly payments I can count - eg - If my personal loan is 150 for the van and 20 is interest all i can count is 20 interest?

    I am stumped as it seems I only have the option of an old van which is going to need more repairs or a contact hire .

    If I am missing something please give me your input.
Page 1
    • fishybusiness
    • By fishybusiness 11th Sep 17, 10:01 PM
    • 1,203 Posts
    • 755 Thanks
    • #2
    • 11th Sep 17, 10:01 PM
    • #2
    • 11th Sep 17, 10:01 PM
    Run your business as a ltd.

    Rules totally change, some will tell you of deprivation of capital, but in the real world a ltd will give you a fighting chance of success.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,436Posts Today

6,821Users online

Martin's Twitter