Hi everyone,
I hope you're all doing well! I wanted to share a bit about my current situation and ask for some advice.
I've been growing my online DJ presence, sharing mixes and engaging with a small but steadily growing audience. I'm starting to think about monetising this, potentially through platforms like Patreon, live-streaming tips, or selling merchandise. With that in mind, I’m considering registering as a sole trader to formalise things.
However, there’s an important factor I need to consider: I currently receive ESA (Employment and Support Allowance) - soon to be forced on Universal Credit (boo, hiss). I’m aware that there’s a limit to how much I can earn before it affects my benefit. I’ve read that exceeding the earnings threshold could reduce or even stop my ESA payments. I fully understand and respect that, but it’s something I need to weigh carefully before making any decisions.
What I’m unsure about is whether registering as a sole trader makes sense at this stage, especially if my earnings are unpredictable and start out quite low. On the other hand, if things go really well and I begin earning more, I want to ensure I’m set up properly to handle the financial and legal aspects.
I’d love to hear from anyone with experience balancing self-employment and benefits, or anyone who’s been in a similar situation. Specifically:
- Is it worth registering as a sole trader now if my income is not consistent yet?
- How do you manage the transition from benefits to self-employment income without losing financial stability?
- Are there resources or organisations you’d recommend for guidance on this?
Thanks so much for taking the time to read this. I appreciate any insights or advice you can share.
TIA.
