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Hi I just started as self employed and I am in private sector leasing. I am claiming work tax credits now while I get my business off the ground, and I have to fill out a form for the council so I can claim housing benefit. They want to know details about my expected accounts for the business for the first three months.

 

Basically I borrowed money from my parents and will need to declare that on the form so I can explain my business expense. I expect to pay out into the business about the same as what i borrowed, so the question is should I just keep it simple and say I borrow X amount of money and expect to invest X amount of that in the business in the first three months? Do I have to include working tax credits? Is it best if I state I wont be paying myself a wage out of any profits in the first three months?

 

It's so complicated all this, I can hardly find the time to work on actual business stuff for forms.

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  • 2 weeks later...

coincils vary in what they accept as proof of income and proof of capital. If you have a sum of money sitting in a bank account they will treat it as yours, even if you need to repay it a day after you make your claim for HB and CTB. for income you include your working tax credits and you put your expected income down as zero. Any losses are also expresses as zero and cannot be taken into account when totalling your income so you cannot mitigate the WTC down from its actual figure.

When you income changes to any significant degree (who decides what is significant is another open-ended question) you need to notify them again. I would just leave it until the year end and then use actual fuigures unless you suddenly have a massive change of fortune.

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  • 6 months later...

Hi, I have just set up a business in March and have filled in one of those forms and submitted receipts. I have now been told they will not allow for business start up costs! In my case - I have set up a salon ... furniture in the salon, workstations, mirrors, flooring that I have paid for as I went along and electrical tools and equipment, PRs, PPS and broadband has not been allowed. Only gas, water, electric and stock has been allowed! good luck with these people..seems you try and better your life and you get penalised! However, if you sit on your backside you get everything :(

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