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PostPosted: Tue Apr 10, 2018 12:03 am 
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I've just found out the following about universal credits:

"You must report any earnings from self-employment to the Department for Work and Pensions monthly".

You can see the whole article here
https://www.gov.uk/government/publicati ... come-floor

For anyone who is a sole trader this means sending in your returns month instead of annualy. Paying an accountant 12 times?! Having receipts and hardly any income one month and then get a windfall from a finished project the next. So up and down.

I'm thinking of trading as a LTD company because of this. Is this your way of thinking? Let me know.


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PostPosted: Tue Apr 10, 2018 6:16 am 
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That's assuming you claim universal credit.

I've never heard of it. Is there a level where you aren't eligible?



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PostPosted: Tue Apr 10, 2018 7:55 am 
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If you trade at a LTD you will have to charge VAT and submit those figures........... monthly.


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PostPosted: Tue Apr 10, 2018 8:14 am 
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Eligibility calculator is online and is aimed at low income families.

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PostPosted: Tue Apr 10, 2018 9:28 am 
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Rorschach wrote:
If you trade at a LTD you will have to charge VAT and submit those figures........... monthly.


That's only if you have a cash flow of over 85,000. I currently get my clients to pay for parts directly if it's more then £100. So there isn't a chance that I would need to be vat registered.


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PostPosted: Tue Apr 10, 2018 9:30 am 
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Ktuludays wrote:
Eligibility calculator is online and is aimed at low income families.

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All you need is to have a few children. All their childcare/club costs mean you can be earning a good salary and still be eligible for credits.


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PostPosted: Tue Apr 10, 2018 12:12 pm 
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Manc chippy wrote:
Ktuludays wrote:
Eligibility calculator is online and is aimed at low income families.

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All you need is to have a few children. All their childcare/club costs mean you can be earning a good salary and still be eligible for credits.
But if you have to submit your accounts monthly then is it worth it.

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