Self employment

tigerstar
tigerstar Online Community Member Posts: 53 Connected
in Universal Credit (UC)

good morning I’m thinking of going back to work self employed.

I’m just wondering if anyone knows what the minimum income floor is full time as I have been told it’s 35 hours a week @ £12.21, is this correct?

Comments

  • Albus_Scope
    Albus_Scope Posts: 11,423 Scope Online Community Coordinator

    Heya @tigerstar what're you thinking of doing? How exciting!

    Minimum income floor is worked out for you and will vary depending on circumstances, but you'll need to have an interview with UC to show that you're "gainfully self employed" and the MIF is different for the first year as they'll class it as a "start up period". There's more information on the gov website and citizens advice that may be useful to you? But here's a little bit of info;

    "The minimum income floor (MIF) for Universal Credit is a calculation to determine the minimum earnings a self-employed person is expected to earn, based on the National Minimum Wage and the hours they are expected to work. It is calculated by multiplying your expected weekly hours by the National Minimum Wage for your age, then by 52 (for weeks in a year) and divided by 12 (for months). If your actual earnings are below the MIF, your Universal Credit will be calculated using the MIF amount instead of your lower earnings."

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