Hi I’m currently a carer and considering becoming self- employed as a therapist. I’ve worked out that I could fit in about 5 to 8 hours of seeing clients in a month - which i guess is a little more than 1 or 2 a week, depending on how things go. The work wont be regular as in ‘weekly’ as it’d depend on my clients rebooking each month etc So how would I explain that with regard to the earning less than the £128 a week? Would be that its calculated as an average? Do I report earns every month or wait until I have a full year of accounts and work averages from that? who do i report it to ?
I’m hoping that perhaps I’ll find it easy to increase my amount of work once I get started and make sure I feel able to commit to it (caring comes first). It’s hard to know as being that my line of work wouldnt be stable/regular. I’m guessing any work needs to be reported even if its not regular? I’m also unsure about how this would effect my tax credits. Has anyone been in a similar situation? Sorry just realised I’ve asked so many questions!!! Would be grateful for any help or advice Thanks
Do you understand the difference between income and profit?
You deduct EXPENSES from income!
Start by checking what expenses are allowable.