Coming off IS

[alwaysskint]

Hi guys,
just trying to work things out financially so I can feel more stable about coming off Income Support.

I'm looking at going self employed again, finding employed work in my area of expertise is really difficult at the moment, so thought I'd go it alone instead gulp lol

I'm currently in rented accomodation, so am receiving full Housing Benefit although a shortfall on the actual rent due which is met by me, and council tax benefit, along side child tax credit for 2 sproglets and Income Support.

What I can't find out for some reason is if I'll be entitled to HB and CTB, and if so at what percentage over projected earnings.
Basically I know how much I'm expecting to earn in the first 12 months, new business low income in first year etc, and to cover the basic household bills as it is rent, water, CT, gas, electric, tv, landline, it's not enough unless I can still get help with the rent and council tax.

Any help would be very much appreciated as all I can find out at the moment is that I would get help till April, but after that draw a blank

[billypre]

Re: Coming off IS

I went self employed almost 2 years ago. I wasnt making anything to begin with and the money i made in the 2nd 6 months went back into the business. I was effectively working for no direct wage. It's something you have to factor in when starting self employed, it will be tight to start with.

I did however receive HB, CTB and CTC and WTC. I dont have time to post right now as things are haywire at home but i'll be on later to post more.

[billypre]

Re: Coming off IS

OK got a little bit time. Hope this helps. I projected just £1000 first year (it ended up less in reality !!) and also have 2 kids (2&6)

As help in making a success of it, i received full HB, CTB and also got WTC and CTC. What is your projected earnings ? Dont oversell it, be honest, if you think you will make 5k say that, if more then fine but if its less then dont be afraid to say it will be less. All businesses are the same when starting out, in fact i would imagine most make an actual loss first year and perhaps 2nd or 3rd.

PM me and i'll tell you a few figures

[Gerry]

Re: Coming off IS

Good on ye, (i'm so jealous wish it was me)

I think DWP provided additional support for rent and c/tax for first 8 weeks of new employment. There is alot of different schemes though, I'll confirm and get back to you.

Gerry x x

[Gerry]

Re: Coming off IS

Here the returning to work link...

http://www.dwp.gov.uk/adviser/updates/working-benefits/

Gerry x

Good luck. x

[alwaysskint]

Re: Coming off IS

Thanks for your help guys ;-)

I'm aware that I can get the run on for 8 weeks, but my projected turnover less projected expenses, still only leaves about £3000 profit, the bit I get taxed and assessed on.

Billy pre - I would be grateful for some actual figures... all the links just say you may get, and we all know how well that sentence helps don't we lol
If you need any info from me let me know x

[Gerry]

Re: Coming off IS

Thanks for your help guys ;-)

I'm aware that I can get the run on for 8 weeks, but my projected turnover less projected expenses, still only leaves about £3000 profit, the bit I get taxed and assessed on.

Billy pre - I would be grateful for some actual figures... all the links just say you may get, and we all know how well that sentence helps don't we lol
If you need any info from me let me know x

Access to work

http://www.direct.gov.uk/en/DisabledPeople/Employmentsupport/WorkSchemesAndProgrammes/DG_4000347


Financial help returning to work

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Employedorlookingforwork/DG_10013908

Gerry

[billypre]

Re: Coming off IS

3k profit, so you won't pay tax for a start. You will have to pay your own NI contributions at a fixed rate which i think is £2.40 per week. On my figure of £1000 i was given notice that i was to get full HB and CTB. (well, pay a small proportion of CT myself but its about 15-25%, same as what you pay when on benefits ) The figure i was returned by HB team also stated that i was £50 per week UNDER the rate at which HB and CTB would be reduced. So, basically i could be on 3.5k and still get full HB and CTB. Hope that helps.

Also, if you are working over 36 hours per week (which i assume you would be being self employed) you will get WTC. You still get the same CTC as you always have. On figure of 1k it worked out that i would be getting slightly more in my pocket per week than on JSA after all benefits were given etc. You certainly wont be WORSE off, thats for sure. Not much, but it was better than struggling to find a dead end job and i now have the prospect of building a better life rather than just taking any old job they threw at me. there's also the joy of having your own hours etc. I'd recommend anyone to go self employed if they have what it takes and can make a go of it. Just bear in mind that to begin with you will be getting the same as if you werent working, but you will be your own boss, have selfd respect and much much more.

If you are under 31 there is also a grant you gte worth £1000. Tax free, which you dont have to pay back etc to get your business started. Best bet would be to contact business gateway as they have all the answers and also what you can get in the way of grants etc. I dont want to post more figures on a public forum but if you have more to ask, or want exact figures then PM me.

What are you planning on doing as self employed anyway if i may ask

[alwaysskint]

Re: Coming off IS

Thanks Gerry
They don't actually give the amounts though... tbh, I doubt I'll get the actual amounts until the new claim is made, even my jobcentre adviser couldn't find it out for me today.

I need someone like Billy whose circumstances are the most similar to mine. It's so frustrating, I've been on some of the calculation sites, including the hmrc one even, and the figures have varied from less than £100 per week to over £350 a week lol (combined HB, CTB, CTC & WFTC)

Don't be too jealous - it's childminding hahahaha x

[alwaysskint]

Re: Coming off IS

Bit of a bugger, as I only got rid of all the baby stuff a couple of years ago!!

[Gerry]

Re: Coming off IS

Thanks Gerry
They don't actually give the amounts though... tbh, I doubt I'll get the actual amounts until the new claim is made, even my jobcentre adviser couldn't find it out for me today.

I need someone like Billy whose circumstances are the most similar to mine. It's so frustrating, I've been on some of the calculation sites, including the hmrc one even, and the figures have varied from less than £100 per week to over £350 a week lol (combined HB, CTB, CTC & WFTC)

Don't be too jealous - it's childminding hahahaha x

Yeah it needs to analysed according to your circumstances and age etc...You' should do ok though.

[alwaysskint]

Re: Coming off IS

https://www.dwpe-services.direct.gov...e/portal/ba/lp

So far, this is the best calculator I've found, seems the most accurate - I'll be a whole 20p better off a week hahaha.

[billypre]

Re: Coming off IS

Hows it going Always ? I have some exact figures re: benefits if you like ?

[alwaysskint]

Re: Coming off IS

Signed of IS today as it happens...Gulp....Yaaay me lol

The discussions we had on pm and the calculator link below were spot on! So thanks again for your input there Billypre, certainly made the transition into employment a lot less daunting.

Got very good at juggling over the years so even if I have a bad week or two, bills will still get paid and we won't starve ;-)

https://www.dwpe-services.direct.gov...e/portal/ba/lp

So far, this is the best calculator I've found, seems the most accurate

[Gerry]

Re: Coming off IS

Well done pal I take my hat off to you for taking on the challenge of getting back to work, its bound to feel daunting at first but I’m sure you’ll feel on top of the world once your back in the swing of things and it’ll be a huge boost for you self esteem.

gerry x