Tag Archives: income

Tax Credits

2 Sep

Do you qualify for Tax Credits?  They have proved to be a lifeline for so many of us, and are especially useful for the early stages of self employment.  If you have been claiming Job Seekers Allowance, and decide to start your own business for 16 hours or more a week, you may qualify for Working Tax Credits, which could bring in roughly the same amount of money that you were previously receiving on JSA.  This can take a lot of the risk out of becoming self employed, as you still have some regular income to rely on, meaning that you can afford to invest your business income back into your business.

To receive Working Tax Credits, you usually need to work at least 16 hours a week (employed or self employed), and have a low income (this includes your partner’s income too).  You don’t need to have children to qualify.

The easiest way to find out how much you could get, is to use this simple calculator.  You will need to have a rough idea of your income for the previous tax year, and an estimate for this year if you think it will be very different (for example if you have been on maternity leave, or have been made redundant or started a new job).  You can also try out different scenarios, for example based on you working different numbers of hours, or using more or less childcare.

To make a claim, simply call 0345 300 3900.

For more information, visit the Citizen’s Advice Bureau website, gov.uk, or the HMRC website.

How do I fund my business?

5 Nov

The easiest and cheapest way to fund your business is to provide the money yourself from savings.  You may need to start out offering limited services to make some money without too much expenditure, and then put your profits back into the business to buy more stock or equipment.  Try to get a couple of jobs before you do any real marketing so that you can get a bit of money coming in, as well as some feedback!  You don’t want to market too early and have to turn people down because you don’t have the right equipment.

Many people do employment alongside self employment when they’re getting started.  This is a great way to have some regular income to support the more unreliable income of a new business.

Speak to your Job Centre Plus advisor to find out if there is any funding available for your business.  Ask for a benefits calculation, or do one yourself using the Benefits Adviser Service to see if you will qualify for any Tax Credits when you are self employed.

You can also look into getting a bank loan, but this can be expensive, so it’s worth trying to avoid this if possible.  It might be that you start out very small, and look into bank loans when you are confident your business will be a success and you need funding to grow and expand your business.

Direct Sales: Pampered Chef

1 Oct

Pampered Chef is another example of a Direct Sales company.  Consultants come to your home (or workplace, school, youth club, day centre, etc) and do a cooking show where they showcase their products whilst creating lovely nibbles for your guests.

Caroline Cannon is Mum to Jack, 3, and became a Pampered Chef consultant in October 2011.  She also works part time in Customer Services.

Pampered chef is an American company that was founded in 1980. It offers high quality kitchenware and tools and is sold through the party plan (like Tupperware, Ann Summers).  It offers hosts amazing incentives for having a party; consultants (like myself) are incentivised and rewarded for selling the goods and people that buy the products are investing in amazing superior kitchenware that will not leave anyone disappointed.

I was recruited at a Pampered Chef party hosted by a friend. It’s not something I would ever have dreamed of doing but I love it. I love the flexibility, meeting new people, my new cooking skills and newly acquired confidence.

When my director (who was the consultant at the party I attended) talked about extra money and ‘how £50 was a lot of money you could earn instead of watching the TV instead of an evening’ I realised this was a real opportunity I should grab.

It instantly appealed to me and I haven’t looked back since. It’s an excellent way of meeting new people and will give you a confidence you probably never knew you had!

There are monthly meetings and these introduce to you all the other consultants in the area and there is always a cooking show. It’s a great way to see how others might do a cooking show and everyone is always very friendly.  My experience in going to these meetings is finding out about everyone else and their story about getting into Pampered chef. There are many who used it as a stepping stone to get back into work after having children. And this is massively successful. Having children seems to lower women’s confidence and it can take a while to build this back up. I can honestly say that the women I meet now are so confident and love what they do.

How much you want to work is entirely up to you. You can choose to pursue it as career, and indeed a very successful one at that.  Or you could do what I do and hold one or two parties a month.

I am more than happy to talk to anyone about Pampered Chef, and if you want to discuss anything please don’t hesitate to call me on 07810 501385 or you can email at carolinecannon.pamperedchef@yahoo.co.uk