Whether you’re already getting tax credits, any other benefits, or not, you should carry out a benefit check when you first start your business, and at regular periods throughout as your profit levels change, or when amendments are made to the benefits system.
The Turn2us benefit calculator is fairly straightforward to use and is the most accurate of the free ones online. It will calculate your entitlement to means-tested benefits. Some benefits are not related to your income but depend on other circumstances.Benefit calculator
They don’t claim to be 100% accurate and the way some benefits are worked out – such as tax credits being calculated as an annual figure then divided into daily amounts to work out a weekly payment, means that there may be some differences in the results shown and what you actually receive each week/month. This is often the case where you are working entitlement out part way through the (benefit/tax) year or where your circumstances are changing. However, if they are very different you should get your benefit decision checked to make sure it is correct.
Not sure how much you’ll be earning?
Maybe you’re just starting out in business, or planning a new venture. You can play around with the figures based on what your business is earning currently, or how much you think you could potentially earn, both now and in the future, to see what difference that makes so you know what to expect to happen to your benefits as your business grows.