Hello
I am a single parent with a 4 year old and work part time. I claim child tax credits and working tax credits. As my daughter starts school in September I am looking to increase my hours. Unfortunately, as I job share and my job share partner is staying put I won't be able to increase my hours there!
I am looking to set up my own business so that I can work from home part-time and have decided to set up a limited company with me as sole director. I don't imagine earning much at first as I will have some initial outgoings and I need to start marketing with a vengence come September. After that I am hoping to build up at a steady pace.
My questions are:
1. Would I need to let tax credits depts know of my business (and my directorship) once it is set up or do I wait until I start to earn income close to the £10,000 income disregard.
2. My research leads me to believe that my income from the business will be subject to the same minimum income floor as a sole trader once universal credits kick in. So I need to think about my start up date. Do I start my business now and move onto UC when my times comes or do I wait until October, start then, go straight onto UC and take advantage of the first year minimum income exemption?
3. If I set up now, will I roll onto UC at the same time as everyone else in my area or will the self-employed and companies with one owner/director go straight away?
Sorry if these questions are unanswerable given what we know of so far regarding UC. My head is spinning with trying to make a decicision (based on insufficient knowledge of UC) and I'm just hoping for a bit of clarity....on anything at all!!
Many thanks
I am a single parent with a 4 year old and work part time. I claim child tax credits and working tax credits. As my daughter starts school in September I am looking to increase my hours. Unfortunately, as I job share and my job share partner is staying put I won't be able to increase my hours there!
I am looking to set up my own business so that I can work from home part-time and have decided to set up a limited company with me as sole director. I don't imagine earning much at first as I will have some initial outgoings and I need to start marketing with a vengence come September. After that I am hoping to build up at a steady pace.
My questions are:
1. Would I need to let tax credits depts know of my business (and my directorship) once it is set up or do I wait until I start to earn income close to the £10,000 income disregard.
2. My research leads me to believe that my income from the business will be subject to the same minimum income floor as a sole trader once universal credits kick in. So I need to think about my start up date. Do I start my business now and move onto UC when my times comes or do I wait until October, start then, go straight onto UC and take advantage of the first year minimum income exemption?
3. If I set up now, will I roll onto UC at the same time as everyone else in my area or will the self-employed and companies with one owner/director go straight away?
Sorry if these questions are unanswerable given what we know of so far regarding UC. My head is spinning with trying to make a decicision (based on insufficient knowledge of UC) and I'm just hoping for a bit of clarity....on anything at all!!
Many thanks