Starting new Business , advice RE Working Tax Credits

[Rekkovitch]

Hi All

Hoping someone could help me with some information or advice.

Basically I am looking to start a new business from scratch sometime in the near future. I have been self employed for 16 years but due to relocating I am unable to continue my current business as its restricted to the area and not 'portable' as such.

My wife currently works full time earning approx 24k per year from her employer ( around £1650 after tax and pension contributions ) We have 2 children and no mortgage/ debts.

My question is really how much could I expect to claim as working tax credit while I establish and build the new business ?

For complete clarity , I am NOT considering the working tax credits to be a perminant thing but I will need to have some sort of security while building the business. Im not looking for a free ride but just some fallback so no judgements please.

I am trying to avoid an Employed role as I enjoy being self employed but also do not want to finish up this business and go onto benefits. I have always worked since 16 and im now 45.

Thank you in advance

 

[Ozzy]

I do not know the working tax credits answer, but reading this line;

I have been self employed for 16 years but due to relocating I am unable to continue my current business as its restricted to the area and not 'portable' as such.

Can I assume this is a franchise, and if it is could you not sell the franchise onto someone else to then give you some money to get started in the new location?

 

[Rekkovitch]

Hi ozzy,

No it's not a franchise but it's a business where my clients are all local so I can't carry on doing it as I'm moving 4 hours away.

I want to know that if I'm starting out again whether I will qualify for working tax credits until I start making a profit

 

[Scalloway]

Working Tax Credit eligibility.

Working Tax Credit

Working Tax Credit - how much money you get, hours you need to work, eligibility, claim, tax credits when you stop work or go on leave

www.gov.uk