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Self-employed parent??

T.K.B

Just wondering- my father (who is the only wage earner in my family) is self-employed. Does that make any difference or change my eligibility for student loan and maintenance grants??

Reply 1

death.drop

16

No.
other than that he may get his taxes done later becuase he'll have to get an accountant to do them - which could delay your loans

Reply 2

louisedotcom

13

Well it means you can cheat the system and get the full loan and maintinance grant when you may not otherwise be entitled to it.

Im not suggesting or condoning this, but alot of people do it- well they did for EMA anyway.

Reply 3

Minardi

12

louisedotcom

Well it means you can cheat the system and get the full loan and maintinance grant when you may not otherwise be entitled to it.

Im not suggesting or condoning this, but alot of people do it- well they did for EMA anyway.

It doesn't, though. They take you profit on your business as your income (a flawed system, as it assumes you reinvest nothing in the business) so you have no chance if your parents business is even moderately successful.

Reply 4

snu

2

Minardi

It doesn't, though. They take you profit on your business as your income (a flawed system, as it assumes you reinvest nothing in the business) so you have no chance if your parents business is even moderately successful.

What? Expenses are subtracted from your earnings before working out profit.

Reply 5

Gemz87

1

Just send off a copy of his tax return with the form, that has all the info on it

Reply 6

louisedotcom

13

Minardi

It doesn't, though. They take you profit on your business as your income (a flawed system, as it assumes you reinvest nothing in the business) so you have no chance if your parents business is even moderately successful.

Well somethings going wrong then because I know a **** load of people who were pretty well off and still got EMA, there also seems to be a suspicious amount of people at uni with brand new cars and designer clothes who are recieving the full loan and grant.....

Reply 7

DJ B4VVY

T.K.B

Just wondering- my father (who is the only wage earner in my family) is self-employed. Does that make any difference or change my eligibility for student loan and maintenance grants??

It depends what his Net Profit is

Reply 8

inkblot

I think the iffy loophole that works with EMA and presumably with a student loan is that if a parent is self-employed there are ways to avoid declaring all of their income or possibly even claim that they are voluntarily unemployed which would obviously make your household income look like less than it is. This isn't possible if you aren't self employed as employers have some kind of duty to record their employees wages.

Reply 9

snu

2

Self-employed people have exactly the same duty to record their incomings and outgoings, and mis-declaring them would almost certainly entail lying to HMRC which is tax fraud.

Reply 10

fisherman

16

It is not "cheating the system" to get EMA and have a new car and nice clothes. For a self employed person, they can claim part of their house as a business expense if they work from home, perefectly justified. In fact alot of things can be claimed, and I see no reason not to. And the net profit of a company, is not the same as income. They can choose what to pay themselves, which they generally do quite cleverly. Not claiming business expenses is a bit stupid, pouring money down the drain.

Self-employed parent??

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