Self employment

PRIME

PRIME is a charity that helps people over 50 to set up their own business. They can help you find the right business idea, develop your business plan and help you find further support and advice.

Visit the PRIME website or contact them at PRIME, Tavis House, 1-6 Tavistock Square, London WC1H 9NA. Telephone: 0800 783 1904 (freephone). 

Business Link

Information, training and advice are also available from Business Link, a Government-funded service for people setting up in business.

Some Business Links offer a mentoring service, with continued support once your business is up and running.

Find out more at the Business Link website or call 0845 600 9006 (lo-call rate).

Tax breaks

You may be eligible for Working Tax Credit in the early stages of self-employment if your household income is below a certain level.

This is a payment to top up your earnings that guarantees a minimum income for people who are working.

If you are over 50, starting work and have received benefits for at least six months, you may be entitled to an additional payment for your first year of self-employment. PRIME produces a free guide to Working Tax Credit for self-employed people over 50.

Your business plan

You can also get advice from PRIME or Business Link on how to make a business plan. Having a good business plan will be very important if you need to borrow money from a bank to get started.

When drawing up your business plan, remember to include provision for a pension in the future, when you do decide to retire.

What next?

Contact PRIME for a copy of their free, practical guide Ideas for business. It could help you find the right business idea for you..