Hi, I'm thinking of starting a small business as a sole trader but as I'm due to start an MA course in October, I'm curious as to how it will affect me.

I expect the business to make about £5,000-£7,000 a year and have read up on how to register as self-employed etc. However, I'm considering which student benefits I would lose out on by being self-employed.

I'm aware I probably won't get free dentist work and prescriptions any longer as I'll be making an income and I'll no longer get tax-free interest in my savings account.

However, will I (and my housemates) be forced to pay council tax if I am a student but a student with a small income?

Are there any other student perks I will lose out on by being self-employed?

On another note, I currently have about £10,000 of student loan debt owed to the SLC. I haven't been paying this back as I have been a student. When I begin earning as a sole trader, how to I arrange paying this off?

Thanks for reading.