New business questions

[Vickyjayne]

Hi everyone I have a few questions to ask if you don't mind

I am going to set up my own business in a few weeks, hopefully by the end of the month, and currently receive help with rent and council tax and also child credit.

When I register as self employed would I need a business bank account? also i need to take deposits from people to secure bookings so maybe a business account would suit me needs best unless there is another way to accept payment

Do I need to keep my tax credits,child benefit etc, separate from my business income?

What would I need to show the local council and tax credits to continue the help until I earn enough to pay fully myself?

Thanks very much for your help

 

[HFE Signs]

I would suggest a separate bank account, this isn't compulsory however it will help you to keep control over your finances, also be sure to keep every receipt for everything you spend that is business related. Your account will need to advise you on earning and tax credits and so on.. I don't know the type of business you propose to launch but you may also need business insurance and staff/public liability? Best of luck..

 

[businessfunding]

As above, but also your personal account terms might prohibit business use

whichever you do it is essential to identify business and personal items.

You need top speak to the council about tax credits - are you currently on JSA?

 

[Successukdotcom]

If they are tax credits you may be entitled to more for working a 40 hour week.

This IS income but should not be declared as a profit, in your profit and loss.

 

[Yorkshire&Online]

Your tax credits and child benefit are non-taxable income, so keep the amounts you receive totally separate from your business income.

A separate bank account is always best, even if it's just another private account you can get away with perhaps.