Self Employed Youth Posted April 2, 2012 Share Posted April 2, 2012 http://news.sky.com/home/politics/article/16200711 The Youth Contract is a cash injection of £1bn to get young unemployed people earning or learning over the next three years. It includes 160,000 wage incentives worth more than £2,275 for each 18-24 year old an employer recruits and 250,000 work experience placements. There are also 20,000 incentive payments to support employers create apprenticeships and £126m to help teenagers into education, employment or training. I said to my advisor, now then pal, YC been announced today, £2275 subsidy for employers and I want to go self employed. Give me my £2275 subsidy for employing an unemployed youth. Did i get the subsidy, did I eckers? I got offered a job in dental laboratoy. Pay you might ask? Nil. (Bet they get the subsidy!) How can I compete as a self employed person if I compete with businesses with subsidised labour. I need that £2275 in order to compete! Quote Link to comment Share on other sites More sharing options...
Russe11 Posted April 2, 2012 Share Posted April 2, 2012 agreed it is a joke some of these handout employers are getting, there is one scheme where they get an initial £600 then other amounts after a period of employemnt, these amounts are more than the min wage! Charities are saying they can't afford to take people in on these scheme because its not cost effective for them, they are not even paying the wages. Have you been on NEA? I was on the old scheme it kinda worked but really to get a viable income stream after 3 months is quite difficult. Quote Link to comment Share on other sites More sharing options...
enrieb Posted April 2, 2012 Share Posted April 2, 2012 You could apply for the enterprise allowance scheme for setting up a business. http://www.dwp.gov.uk/adviser/updates/new-enterprise-allowance/ Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted April 2, 2012 Author Share Posted April 2, 2012 I'm booked in to get put onto NEA on 18th April. (My advisor is on holiday next week, you see - he is actually a good bloke, there is him and a few others at Barnsley job centre that are really good, they do actually help you to get back to work, albeit within the constraints of the system). Business plan, everything ready for me to go. Just need to get onto NEA, off the unemployment figures. Police license to trade in the street is on its way in post, I'm ready to rock and roll off the dole! Only way I can find out if it works is to ump in and test the market. (Really need to be on NEA though as I have some part time work coming up also - I can do this in between my self employment) - if I do one lot of part time work without being on NEA I will do a 16 hour shift for just £5. Need to know when I get put onto NEA because I will drop that shift post haste if I can't get on NEA in time! Quote Link to comment Share on other sites More sharing options...
Nationalist Posted April 2, 2012 Share Posted April 2, 2012 This time next year Rodney... Quote Link to comment Share on other sites More sharing options...
Russe11 Posted April 2, 2012 Share Posted April 2, 2012 I'm booked in to get put onto NEA on 18th April. (My advisor is on holiday next week, you see - he is actually a good bloke, there is him and a few others at Barnsley job centre that are really good, they do actually help you to get back to work, albeit within the constraints of the system). Business plan, everything ready for me to go. Just need to get onto NEA, off the unemployment figures. Police license to trade in the street is on its way in post, I'm ready to rock and roll off the dole! Only way I can find out if it works is to ump in and test the market. (Really need to be on NEA though as I have some part time work coming up also - I can do this in between my self employment) - if I do one lot of part time work without being on NEA I will do a 16 hour shift for just £5. Need to know when I get put onto NEA because I will drop that shift post haste if I can't get on NEA in time! are you borrowing the £1000, seems a bit harsh you have to have some of it as a loan where as employers can just have the full wack plus a pound. you will be claim working tax credits based on the 30hour element I assume on top? Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted April 2, 2012 Author Share Posted April 2, 2012 This time next year Rodney... As a young Delboy I'd managed to build up some considerable savings by the age of 16. Lost most of it when 19 along with the temporary loss of my work ethic (why work if all you earn/create can be stolen in an instant and the police care not...). I ain't going to be a millionaire in a year unless we have hyperinflation, but I can at least try and be better off than dole. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted April 2, 2012 Author Share Posted April 2, 2012 are you borrowing the £1000, seems a bit harsh you have to have some of it as a loan where as employers can just have the full wack plus a pound. you will be claim working tax credits based on the 30hour element I assume on top? I am a youth, I have no children, I am ineligible for working tax credits. I will not be taking the loan. I am trying to source a loan from family/friends. One neighbour is happy to give me a loan (but I'd rather get one from family). £300 is all I need to start up (overestimated by £100), produce 250 units/batch of product. £100/batch. Profit per batch IRO 150-400. Need to sell 250 units per week (could be a hard push - might need to travel a bit to do so). 400 profit based upon sale price of product of £2 (in shops it is £3), (on net it is £2 - I will be looking to expand into said market at product price of £1.50 in due course). Quote Link to comment Share on other sites More sharing options...
eek Posted April 2, 2012 Share Posted April 2, 2012 I am a youth, I have no children, I am ineligible for working tax credits. I will not be taking the loan. I am trying to source a loan from family/friends. One neighbour is happy to give me a loan (but I'd rather get one from family). £300 is all I need to start up (overestimated by £100), produce 250 units/batch of product. £100/batch. Profit per batch IRO 150-400. Need to sell 250 units per week (could be a hard push - might need to travel a bit to do so). 400 profit based upon sale price of product of £2 (in shops it is £3), (on net it is £2 - I will be looking to expand into said market at product price of £1.50 in due course). 1 quick question how quickly will you get paid. If you are not paid immediately you are going to need more than £300 to tide you over. Quote Link to comment Share on other sites More sharing options...
juvenal Posted April 2, 2012 Share Posted April 2, 2012 I am a youth, I have no children, I am ineligible for working tax credits. I will not be taking the loan. I am trying to source a loan from family/friends. One neighbour is happy to give me a loan (but I'd rather get one from family). £300 is all I need to start up (overestimated by £100), produce 250 units/batch of product. £100/batch. Profit per batch IRO 150-400. Need to sell 250 units per week (could be a hard push - might need to travel a bit to do so). 400 profit based upon sale price of product of £2 (in shops it is £3), (on net it is £2 - I will be looking to expand into said market at product price of £1.50 in due course). Good luck. Keep us posted on progress.. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted April 2, 2012 Author Share Posted April 2, 2012 1 quick question how quickly will you get paid. If you are not paid immediately you are going to need more than £300 to tide you over. All transactions will be carried out in cash. For numerous reasons... (NEA -New enterprise allowance pays you [tax free] £65 a week for 13 week, £33 for 13 more and then you off the dole completely). My day to day living allowance will be greater under this scheme for the first 13 weeks, 65 vs 53.45 I currently receive. I have ramped up homebrew production capacity and production in anticipation, and have ample stores of most foods. Living expense are tending towards nil. Even if I make a loss I shall be 'better off' so to speak. Just need to get out there and test the market. I can currently compete and undercut without compromising quality. I can sell there and then in the street and provide a new service entirely to what is on offer (why walk into a shop and pay more when a street trader is stood outside selling the same thing for less!). I just have to see whether or not the market responds. If it is a go-er, then I be off the dole and into business, looking towards taking on (subsidised) staff of my own. (I have already calculated scale up costs and scale back down, have accountant on hand if needs be) Just have to see if people want the service/product. If not then I back on dole. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted April 2, 2012 Author Share Posted April 2, 2012 Good luck. Keep us posted on progress.. Will do! Am currently posting on another forum (specifically related to the type of self employment I will be embarking on), and will divert traffic from here to there to 'see the journey' in due course. One man has already got himself off of the dole and into self employment. Hopefully more can do so, and said forum will provide a wealth of information for people who wish to take said path. (And I've already been including hpc style posting upon there to educate the masses ) Quote Link to comment Share on other sites More sharing options...
easy2012 Posted April 2, 2012 Share Posted April 2, 2012 Give me my £2275 subsidy for employing an unemployed youth. Get your relative to setup a Ltd company online, employ you to make a website, then shut down the company... will that work ? Government subsidies (especially made in cash) always end up creating problem and that is why the government should takes its hand off. Would you consider moving to the South East though? We got many PIGS european moving here nowadays, renting a room and then look for jobs (and maintain a log) - no government help and quite a few succeeded. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted April 2, 2012 Author Share Posted April 2, 2012 Get your relative to setup a Ltd company online, employ you to make a website, then shut down the company... will that work ? Government subsidies (especially made in cash) always end up creating problem and that is why the government should takes its hand off. Would you consider moving to the South East though? We got many PIGS european moving here nowadays, renting a room and then look for jobs (and maintain a log) - no government help and quite a few succeeded. I am born and bred AND will die in Yorkshire. Wouldn't fancy moving/commuting further South than Chesterfield... Quote Link to comment Share on other sites More sharing options...
Oki Posted April 2, 2012 Share Posted April 2, 2012 I am a youth, I have no children, I am ineligible for working tax credits. I will not be taking the loan. I am trying to source a loan from family/friends. One neighbour is happy to give me a loan (but I'd rather get one from family). £300 is all I need to start up (overestimated by £100), produce 250 units/batch of product. £100/batch. Profit per batch IRO 150-400. Need to sell 250 units per week (could be a hard push - might need to travel a bit to do so). 400 profit based upon sale price of product of £2 (in shops it is £3), (on net it is £2 - I will be looking to expand into said market at product price of £1.50 in due course). Sandwiches? Quote Link to comment Share on other sites More sharing options...
@contradevian Posted April 2, 2012 Share Posted April 2, 2012 are you borrowing the £1000, seems a bit harsh you have to have some of it as a loan where as employers can just have the full wack plus a pound. you will be claim working tax credits based on the 30hour element I assume on top? Don"t think it matters if you dont get WTC. Think the problem with that will explaining NEA to housing benefit bods. Some say it counts towards HB, some say it doesn't. Suspect you will find your NEA goes in rent if you get WTC so pointless! Quote Link to comment Share on other sites More sharing options...
Russe11 Posted April 2, 2012 Share Posted April 2, 2012 how long do you get housing benefit run on for? tried to find the government scheme that pay employers a initial £600, then £3000ish after a few months and something over £12k if they are employed for a year, essentailly free labout for any business, charities where moaning that they couldn't make it pay... was I dreaming? Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted April 2, 2012 Author Share Posted April 2, 2012 how long do you get housing benefit run on for? Anybody unemployed for longer than 6 months and who applies for it can get housing benefit and council tax benefit run on for 4 weeks. tried to find the government scheme that pay employers a initial £600, then £3000ish after a few months and something over £12k if they are employed for a year, essentailly free labout for any business, charities where moaning that they couldn't make it pay... was I dreaming? Free labour... Might aswell give people their dole tax free! Quote Link to comment Share on other sites More sharing options...
@contradevian Posted April 2, 2012 Share Posted April 2, 2012 Anybody unemployed for longer than 6 months and who applies for it can get housing benefit and council tax benefit run on for 4 weeks. Free labour... Might aswell give people their dole tax free! Just found this on Directgov: "The allowance and the loan are not taken into account when working out: * Housing Benefit * Council Tax Benefit * tax credits * Income Tax" Quote Link to comment Share on other sites More sharing options...
MrPin Posted April 2, 2012 Share Posted April 2, 2012 Jam yesterday, jam tomorrow! No jam today! It's jam every other day isn't it. and today is not another day! Quote Link to comment Share on other sites More sharing options...
morbotheterrible Posted April 3, 2012 Share Posted April 3, 2012 If you come up short on the family loan, message me and I'll lend you a chunk of what you need, interest free til you can give it me back. Serious offer. I'm only in Chesterfield so I can drive up and drop it off if needs be. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted April 3, 2012 Author Share Posted April 3, 2012 If you come up short on the family loan, message me and I'll lend you a chunk of what you need, interest free til you can give it me back. Serious offer. I'm only in Chesterfield so I can drive up and drop it off if needs be. For some reason I am unable to send you a message. Error = 'Array' Anyhow, what I wanted to say was; Hi Bob, Thank you for your offer. I am unsure as to whether I will need to take you up on it at this moment in time. I will let you know in due course. Thanks again for making the offer. Tom. Quote Link to comment Share on other sites More sharing options...
Russe11 Posted April 3, 2012 Share Posted April 3, 2012 If you come up short on the family loan, message me and I'll lend you a chunk of what you need, interest free til you can give it me back. Serious offer. I'm only in Chesterfield so I can drive up and drop it off if needs be. I'll offer the same but want 26% of the business. Quote Link to comment Share on other sites More sharing options...
Venger Posted April 3, 2012 Share Posted April 3, 2012 I am a youth, I have no children, I am ineligible for working tax credits. I will not be taking the loan. I am trying to source a loan from family/friends. One neighbour is happy to give me a loan (but I'd rather get one from family). £300 is all I need to start up (overestimated by £100), produce 250 units/batch of product. £100/batch. Profit per batch IRO 150-400. Need to sell 250 units per week (could be a hard push - might need to travel a bit to do so). 400 profit based upon sale price of product of £2 (in shops it is £3), (on net it is £2 - I will be looking to expand into said market at product price of £1.50 in due course). Trying to flog 50 widgets a day, on a five day working week, with very low profit margins, trading in the streets and the need to travel a bit. Sounds like a lot of hard work with little reward. Based on trying to undercut competition with product already readily available in shops and on the net. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted April 3, 2012 Share Posted April 3, 2012 I'll offer the same but want 26% of the business. I'll go halves with Russe11 then you get two Dragons on board. Quote Link to comment Share on other sites More sharing options...
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