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Would you like to clean up your credit file? Check it out | | | | | | | | Benefits, Tax Credits and Minimum Wage Having problems with benefits / deductions, or want to discuss entitlement etc. this is the place. Other matters include Tax Credit issues and also advice for those on / or below minimum wage. |
2nd September 2008, 19:59
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#1 (permalink)
| | Basic Account Customer
Your bank owes you an awful lot more money than you realise See here Cagger since
: Aug 2006
Posts: 35
| own company 2 unemployd do I get benefit I ran a small building company that made approx £35,000 profit to last financial year end - 1/4/08. I had to lay myself off two weeks ago to enable just my son and a part time book keeper to keep their jobs. The business without me employed is currently making a small loss or might just be breaking even.
I own all the shares in the company.
Can I claim unemployment benefit and if so will my mortgage be paid. My wife works and earns £35,000pa but my mortgage is £460,000 or £3,400 per month. Neither my wife or I have any other income or savings. |
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2nd September 2008, 20:03
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#2 (permalink)
| | Basic Account Customer
Watch out, there are Claims Touts about! Cagger since
: Aug 2006
Posts: 35
| Own company 2 unemployd do I get benefits I ran a small building company that made approx £35,000 profit to last financial year end - 1/4/08. I had to lay myself off two weeks ago to enable just my son and a part time book keeper to keep their jobs. The business without me employed is currently making a small loss or might just be breaking even.
I own all the shares in the company.
Can I claim unemployment benefit and if so will my mortgage be paid. My wife works and earns £35,000pa but my mortgage is £460,000 or £3,400 per month. Neither my wife or I have any other income or savings. |
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3rd September 2008, 06:59
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#3 (permalink)
| | Platinum Account Customer
Your bank owes you an awful lot more money than you realise See here Cagger since
: Oct 2006
Posts: 1,332
| Re: Own company 2 unemployd do I get benefits I'm no expert but as you are still the company's director I suspect you won't be entitled to job seekers allowance.
In terms of your mortgage any benefit would be means tested so with your wife's income that would be a no go as well I'm afraid. |
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3rd September 2008, 17:32
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#5 (permalink)
| | Gold Account Customer | Re: Own company 2 unemployd do I get benefits Plus theres a wait of 9 months before any mortgage help kicks in and then its only the interest at the DSS rate, not you mortgage rate. May I ask though how you got a mortgage at 7 times your combined income |
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4th September 2008, 15:20
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#8 (permalink)
| | Basic Account Customer | Re: Own company 2 unemployd do I get benefits Benefits do not pay your mortgage but they may pay towards your mortgage interest. Whether they will straight away or whether you have to wait will depend on the date that your mortgage was taken out as the rules changed some years back.
You should definately make a claim for Jobseeker's allowance though as you may be able to claim contribution based. Do this today as you won't be able to backdate a claim on the grounds of not knowing if you should claim. |
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4th September 2008, 16:07
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#9 (permalink)
| | Platinum Account Customer | Re: own company 2 unemployd do I get benefit I don't know about the unemployment benefit (jobseekers allowance) as that will be based on your national insurance contributions, however with your wife's income you will not get any income based benefits, which is the only way you can get help with mortgage payments. Even if she wasn't earning, there is generally a 9 month wait before mortgage interest payments start. |
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4th September 2008, 18:59
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#10 (permalink)
| | Classic Account Customer
Where else can you earn 8% interest on your money? Start your County Court claim NOW!!! Cagger since
: Jul 2008
Posts: 264
| Re: own company 2 unemployd do I get benefit Why have you made a duplicate of this thread? You have been given relevant information in the first one here. |
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4th September 2008, 19:03
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#11 (permalink)
| | Classic Account Customer | Re: Own company 2 unemployd do I get benefits Quote:
Originally Posted by alan7181 The above advice seems to conflict some say my wife's income would count out any help with the mortgage the other says I would get it. For further information my wife 's pay would not even pay the 1/2 the mortgage. | The fact that your wifes salary will not cover the whole of the mortgage is immaterial.
To get help with mortgage interest you need to be in receipt of certain income based benefits. On a salary of circa £35k per annum, your wife earns considerably more than the threshold for such benefits. |
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4th September 2008, 19:11
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#12 (permalink)
| | Site Team
Your bank owes you an awful lot more money than you realise See here Cagger since
: Oct 2006 I am in: need
Posts: 10,563
| Re: own company 2 unemployd do I get benefit Threads merged
__________________ Any typos spelling mistakes are due to leprechauns in my keyboard they move the letters around sometimes (amended just for Bookie) "How do I...?" A Dummies' Guide to this Forum FAQ Forum rules Consumer Health Forum I offer help and advice in good faith, based on my knowledge and experience. I am NOT a legal or financial expert. There are many CAG members and staff who are better qualified. Please do not make major decisions based on my advice alone.I do not give advice via P.M's. If anyone can correct my mistakes or improve on my advice, please do. |
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4th September 2008, 19:15
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#13 (permalink)
| | Platinum Account Customer
Watch out, there are Claims Touts about! Cagger since
: Apr 2006 I am in: Devon
Posts: 3,187
| Re: own company 2 unemployd do I get benefit You can always sell your house and move somewhere smaller
Or release some equity maybe?
Plus if you have made yourself unemployed i believe you have to wait 26 weeks before you get anything
Do you honestly think the state should pay your mortgage for you?  |
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5th September 2008, 06:56
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#14 (permalink)
| | Platinum Account Customer | Re: own company 2 unemployd do I get benefit Have you got any mortgage payment protection insurance?
Are you aware tht JSA is around £60 per week.
It may be worth speaking to your accountant for advice on the best way to manage the downturn in work, it may be more financially viable for you to make your relative and book keeper redundant and carry on the business yourself. |
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5th September 2008, 18:37
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#16 (permalink)
| | Classic Account Customer | Re: own company 2 unemployd do I get benefit Quote:
Originally Posted by sallysas Regarding council tax, you can claim 25% reduction if you are receiving jsa as your wife is the only wage earner. They should give you a form at the jobcentre if you ask or just contact the council tax direct (their form is a lot simpler). | No such exemption exists. |
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5th September 2008, 20:04
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#18 (permalink)
| | Classic Account Customer
Your bank owes you an awful lot more money than you realise See here Cagger since
: Jul 2008
Posts: 264
| Re: own company 2 unemployd do I get benefit Quote:
Originally Posted by sallysas Oh yes it does- is it the panto season now? | Could you direct us to the relevant statute or policy that provides this then? |
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5th September 2008, 20:23
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#19 (permalink)
| | Basic Account Customer
Your bank owes you an awful lot more money than you realise See here Cagger since
: Aug 2008
Posts: 94
| Re: own company 2 unemployd do I get benefit Quote:
Originally Posted by sallysas Regarding council tax, you can claim 25% reduction if you are receiving jsa as your wife is the only wage earner. They should give you a form at the jobcentre if you ask or just contact the council tax direct (their form is a lot simpler). | I'm afraid you're wrong with this. The 25% discount does not apply to someone on JSA. It's a very finite list of categories that can claim this. |
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