Disabled long term. Pension and self employment at 55 hrs old

locifer
locifer Listener
in Benefits and income

Hi, I started a new discussion mainly for this.

I'm 55, was a single parent for 30 years and didn't get the opportunity to work due to having 3 boys all which are on the spectrum. They were lovely kids but dud need me to be around . I tried working but it didn't do them well.

So, i dont have pensions. I'm 55 now so if I start self employnent it would be very part time.

I'm in the LCWRA group due to health. I do art and have a studio.

What changes will declaring earning gave on my pension status?

Can i continue after retirement age?

What is the cost of having to contribute if I'm earning under the work allowance, probably by quite a lot.

There's also the £1000 HMRC trade limit per annum.

How does this affect me?

Phew

Thanks for reading 🙂

Comments

  • OverlyAnxious
    OverlyAnxious Championing

    Hi,

    I don't think you'll be earning enough to worry about National Insurance. (More than £12,750 a year).

    So you'll continue to get Class 3 NI Credits from UC.

    If you earn more than £1000 then you have to tell HMRC. But again you won't pay Income Tax on it unless you earn more than £12,750 in a year.

    If you're still working above State Pension Age then you are still liable to pay Income Tax, but not National Insurance. (Although as above, I don't think you'll actually be paying either anyway).

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