I’m not sure if this is the right group to ask but here goes.
So I have my own LTD company that’s 6 months old. It doesn’t make enough to pay me whatsoever and it only makes enough to cover the rent etc.
I work 8 hours a day there with zero pay and I also work a part time job around this which pays approx £600 and that’s not enough for all bills etc.
I was wondering whether I can claim certain benefits even though I own a company?
5 comments
[yep, take a look](https://www.contractorcalculator.co.uk/contractor_claim_job_seekers_allowance_ltd_company.aspx)
Benefits are based on income aren’t they, not employment status, so I don’t see why not.
r/ukpersonalfinance will be best placed to advise properly though.
Yes.
IIRC you get a 12 month “grace” period. After that, your benefits are calculated assuming you earn at least what you would in a full time min wage job, even if your actual profits are lower.
If you’re not earning above the threshold of a basic salary then yes you should be able to claim to help “top up” your earnings.
Use the benefit calculator at http://www.entitledto.co.uk it should give you an indication of what you can get.
Most of the benefits are all in Universal Credit now. For self employed people (I don’t know if LTD company’s fall into this) you have the minimum earning floor. This is amount the DWP will automatically assume you earn. It pretty much cancels all single persons claims.
If you have children and rent definitely look at the benefits calculator.
If you do get a UC claim ensure your work coach is a specialist self employed coach. There are tapering rates for start up businesses and I’ve seen regular work coach’s know nothing about them.
If in doubt speak to Citizens Advice.