Form Ben Se - Financial Statement For Self-Employed People - Tunbridge Wells Borough Council Page 4
ADVERTISEMENT
1
2
3
4
5
6
7
8About income and expenses from self-employed work
We need to know what your income and expenditure are from your self-employment.
If you have been self-employed for more than one year we will need your income and expenditure details for the full year up to
the date of your application for benefit.
If you have been self-employed for less than one year, you will still need to tell us about your income and expenditure for a full
year. This means that you will have to supply a combination of actual and estimated income/expenditure (see examples below).
Example 1: If you have been self-employed for 30 weeks you will need to give details of your actual income and expenses for
that 30 week period and you will need to estimate what your income and expenses are likely to be for the next 22 weeks.
Example 2: If you have been self-employed for four weeks you will need to give details of your actual income and expenses for
that four week period and you will need to estimate what your income and expenses are likely to be for the next 48 weeks.
Assessing total income
The total income (or ‘gross earnings’) from your employment means all income (actual or estimated) coming into the business
over the one year period.
Assessing total expenses
Not all expenses are allowed to be set against your total income. The general rule is that expenses are only allowable if they
are ‘wholly and exclusively’ incurred in the running of the business and that the expenses have been ‘reasonably incurred’
given the amount of expense and the nature of the business.
Examples of expenses that are allowable are:
Staff wages/costs
Business fuel costs
Telephone, postage, stationery
Business rent/rates
Accountancy charges
Bank charges
Stock purchases
Advertising
Hire and leasing charges
Insurance
Business travel
Repayments for replacement/repair
of equipment
(The list is not an exhaustive list of allowable expenses)
Examples of expenses that are not allowable to be set against your total income:
Depreciation costs
Capital repayments on loans other
Business ‘entertainment’ expenses
than for the purpose of replacing/
repairing equipment
Any expenses for domestic or
Expenses in setting up or
Any losses suffered in the running
private use
expanding the business
of some other business
Bad debts, except proven bad
Any losses incurred before the
‘Drawings’ from the business
debts
accounting period for your income/
expenditure period
(The list is not an exhaustive list of expenses that are not allowed against income)
Your income for benefit purposes will be your total income less allowable expenses. Allowances will then be made for Tax
and National Insurance liabilities and 50% of any contributions to a personal pension scheme.
10 For what dates are you giving us details of your income and expenses?
Actual income and expenses
From
To
Estimated income and expenses
From
To
11 Does the amount of money coming into your business change a great deal at different times of the year?
Yes (please give details)
No
12 Does the amount of money you pay out of your business change a great deal at different times of the year?
Yes (please give details)
No
3
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business