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LoafersLibrary
02-02-2006, 04:36 PM
Hello all,

Anyone know off hand if a co. director is entitled to any benefits in terms of signing on?

The business is taking a little longer to take off than I thought and had heard somewhere that I was entitled but searches on this forum and start-ups proved unsuccessful. The DWP website wasn't too bright either.

help much appreciated.

Rachael
02-02-2006, 05:51 PM
Why not give them a call?

Sherry_D
02-02-2006, 06:08 PM
it depends which one you need to claim as there is income based and contributions based JSA. You can claim income based if you are single with savings under 8000. However if you have a patner working 24hours or more you cannot claim this.

Contributions based is based on your national insurance contributions and they look at the last 2 tax years. You need to have to have earned and paid your taxes and Ni conts. Roughly as a guide you need to have earned around 6000 per annum to get it.

Rate of JSA is 44.50per week if under 25 and 25 and overs 56 a week.

You can also get help with your rents ( if you are renting)

LoafersLibrary
02-02-2006, 06:16 PM
Originally posted by Rachael
Why not give them a call?

I have an appointment with them on Tuesday but unfortunately, from past experience, their knowledge of the benefits system past standard JSA claims is questionable.

I used to be a CPN and getting information on DLA for patients was a trial in itself.

I was hoping that someone here could point me in the right direction so I am not fobbed off when I meet them.

Sherry_D. thanks for the info. So the criteria is the same for those starting new businesses then? I hope my NI contributions are enough!

if anyone has any more light to shed, dont be shy!!!

Cheers

fionabailey
02-02-2006, 07:06 PM
Ask about working tax credits as well - this is a sort of benefit that is run by the Inland revenue, and is like the Family tax credit but for people without children.

Sherry_D
02-02-2006, 08:05 PM
I wouldnt really base my hopes on working tax credits it you are a single person. just one of those govt gimmics. yes it does help a lot but only if you have children.

You need to be at least 25 or 26 cant remember now and doing at least 30 hours a week and if you earn about 10 000 you get about 4 a week working tax credits.

Normally people who have been self employed cannot get contributions based JSA because they dont pay the full national insurations contributions. like i said earlier on contributions based will be based on your last 2years income 2003 to 2005.

And also remember if you are doing 16hours or more in your business you will not be able to claim JSA. Even if your business doesnt give you any money, you will not be deemed to be actively seeking work.

yeth_marthter
04-02-2006, 11:56 PM
I've just been looking into tax credits and they base their calculations on the profit if your self employed (i.e sales - purchases = profit).

On about 11000 profit per annum you can get upto 5885 tax credits. This does depend on how many hours you work and if you have children etc but its worth looking into.

yeth_marthter
05-02-2006, 01:27 AM
I've just checked and you don't have to have children to claim working tax credit.

More info can be found at:

www.hmrc.gov.uk/leaflets/wtc2.pdf

You can also claim this if you are single.