Ya I think your going in the right way, but you need to keep taking jobs and gathering more customers in the 18 months you have left.
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I can't offer a definite insight in avoiding losing your benefits, though if you are earning is that such a bad thing?

I would think the date of your earnings would be taken into account, and if it is shown you earnt money that was not declared and received benefits at the time when you otherwise should not have (or a reduced amount) then I'd expect at very least you'd be left repaying the amount overpaid, plus potential penalties.

Having a Ltd company may help control this a little, though I'd suggest a meeting with an accountant to discuss your situation and ensure you don't put yourself in a position you would rather not be in.

As for starting a business, you seem to be in a good position to do so with freelance work, though unpaid, already underway.

Best of luck!

John
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Hi John,

Thanks for information.

As I am still at university at the moment I can't take on enough work to cover my basic expenses without jeopardising the standard of work that I'm working towards. I want to concentrate on my degree without the additional pressure of HAVING to find paid work. I am on placement at Easter and hope to secure some paid work over the summer, but I know that before then I will be working all day every day for my degree.

I've completely thrown myself into my degree, and so far I have done really well...far better than I expected to given the fact that I'm a single parent of 2 young children. I think starting to take paid work and relying on that as sole income will be rather overwhelming and as uni is so expensive these days I'll be getting a huge student debt, and if I don't achieve high marks I'll consider my degree a waste of money.

Also the funding I get from university and the Local Education Authority is means tested and I expect that I will ultimately lose out on that as well as they have very a very low threshold for those who recieve grants.

Laura

Hi Laura

I don't know the details of your own situation or the benefits you receive, something you may need to discuss with an accountant in more depth if you are considering starting a business - something you asked about!

Not declaring income is not something you should even consider. So as to how income may affect your benefits - I don't know but I would have guessed your benefits may vary depending on the income you are receiving so you'd never have less than you currently receive.

So, from your initial question about starting a business of "whether the fact I recieve benefits will stop me from doing so" - I don't think so... but now it sounds like your study will stop you!

I'm not sure where the relying on the business as a sole income comes into it as I am understanding you receive benefits, and grant funding for study - best to really look into the details of those.

I wouldn't recommend relying someone in your position relies entirely on the income of a new business, and I'd also suggest controlling the work you accept in any business to fit in with the rest of your obligations (ie. just don't take on too much it affects your education).

Lastly... congratulations on taking on so much and pushing through with it. I am sure it's not an easy workload for you and I wish you all the best!

Kind regards

John
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I think you misunderstood...I was never going to not declare my income, I was just saying that I'm not going to take any money for work till I'm ready to fully throw myself into this.

and yes its hard work, but if it was easy everyone would be doing it hey! haha

thanks

Hi Laura

Come and say hi here: http://www.graphicdesignforums.co.uk

Lots of freelancers and people in the same position as you.

Regards

Damon
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