Year 12s: what will be the first way you research your future options? >>

Self-employed parent

I haven't been able to figure this out anywhere, how on earth do you fill out the student finance application form for a parent who is self-employed.

The two boxes I don't understand are 'Total taxable profit from business' - from what I gather this means 'Net Profit'. On the next page there is a box for 'Total allowable expenses', how ever net profit is already counting the allowable expenses for the business.

The loan / grant estimate comes back as if expenses have been counted twice giving me the maximum amount which can't be right when the net profit from the business is about 40k.

Please help!

Reply 1

Darkarium

Bump, this is killing me. :frown:

Reply 2

iPhone

Your parents should have filled out a tax return.

The application help boxes show which section in the tax return you should look into for the figures.

Reply 3

Darkarium

Original post by iPhone

Your parents should have filled out a tax return.

The application help boxes show which section in the tax return you should look into for the figures.

This was all taken care of by an accountant and I'd prefer to not have to waste time contacting him.

Reply 4

iPhone

Original post by Darkarium

This was all taken care of by an accountant and I'd prefer to not have to waste time contacting him.

Your parents pay him. It's his duty to provide you with help, plus, your parents should have a copy of the tax return!

Reply 5

EatRainbows_x

I'm filling out my student finance at the moment and my dad is self employed- how do you get that option up at the moment all i can see total income from salary wages? how do u change it?