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how it gonna work

  • 05-09-2014 10:29am
    #1
    arcius
    Registered Users Posts: 164 ✭✭


    Hi

    I am about to start my own business but I very scared to do so as I don't really know how it will effect our family income. The reason I would like to start the business is that we need around 300-400 euros extra a month to cover our loan as I don't want to get bad credit record. Our dream is to get a mortgage one day when we both back to work..
    Social welfare payments are covering just our basic needs so I just have to do something extra.
    The situation we are in now: we have one year old son. I am on VTOS since September 2013. Before that I was working for 6 years and then on job seekers benefit for 6 months. At the moment I get 202 euros a week from VTOS. That will finish in may 2015 and I will have to go back on social welfare payment unless I found some work. My wife gets 202 euros a week of job seekers allowance (188 allowance + increase for child dependent). She is unemployed since 2.5 years ago. We also get rent supplement which is 500 euros a month.
    The questions are:
    1) if I set up now as a sole trader which payments will we lose and which ones will be means tested?
    2) if my income from sole trading will be just let's say 200 euros a month (it might vary depending on assignments I will get) will that amount will be deducted from other payments?
    3) At the moment I will be able to work just maximum 2 days a week as other days I will be in college. I also believe that from those 8 days a month I will be available I will probably get only one or two assignments. Is it worth to even start anything? I believe it is worth as I will be paying some tax and I will probably be building my business, finding clients etc which means even more tax will be paid in the future.
    4) will it be better idea to leave VTOS, go back on job seekers benefit and then apply for Back To Work Enterprise Allowance?

    Thank you for your answers. I really need somebody to explain to me how it all works and if we won't get into deeper trouble than we are now.
    Tagged:


Comments

  • #2
    Mrs OBumble
    Registered Users Posts: 25,657 ✭✭✭✭Mrs OBumble


    Moved from Work and Jobs, as I think the user's immediate questions are about benefits.


    OP, once you start to think about operating a specific business (ie know what it is that you will do), you might ask for help in the Entrepreneurship and Business Management forum.

    And is simply getting a part-time job another option for you? Because that would be easier than running the whole operation yourself.


  • #3
    arcius
    Registered Users Posts: 164 ✭✭arcius


    Mrs OBumble wrote: »
    Moved from Work and Jobs, as I think the user's immediate questions are about benefits.


    OP, once you start to think about operating a specific business (ie know what it is that you will do), you might ask for help in the Entrepreneurship and Business Management forum.

    And is simply getting a part-time job another option for you? Because that would be easier than running the whole operation yourself.
    thank you for your answer. I was trying to find any part time work, but unfortunately I didn't get any. Plus my business would be closely related to what I am studying now and what I really like to do. I should mention the idea is related to photography, videography, editing service. The problem with this kind of business is that if I start my business now first assignments I will get only in few months... So I am just scared that we won't get any support within that waiting period...


  • #4
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Maybe your wife should apply for Btwea and you remain on Vtos?
    Any extra income could affect rent supplement.


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