Carers allowance

[Norfolkgirl2022]

Hi 🙂
I hope someone can give me ideas or any advice. My son is disabled and I’m on carers allowance have always worked full time but cannot now. I am getting very flat and stir crazy.

I would be able to take out a loan to buy a home to renovate and sell on, I love diy and this would be able to fit in with my son on the bad days.

How would this work with carers allowance? I don’t want to lose it as I don’t think I would make a big profit anyway. I understand about capital gains tax etc but if I made a profit in the year would this mean the carers allowance would then stop?

Thanks for any advice

Carers Allowance isn't means tested is it? So it shouldn't matter I don't think but someone more knowledgeable might come along and tell you in a minute

I don't know how you would get a loan for a property without a reasonable income?

With interest rates going up and house prices levelling with potential to fall this seems massively risky and I can't see how anyone would lend on it.

How about buying and selling from charity shops/ebay, upcycling. I think you can make £1000 before you have to register with HMRC or declare anything. (The trading allowance).

Do you own the property that you live in?
If you did buy/do up and sell a property you wouldn't need to pay tax on gains if it is your home. But in the current market you have to be ready for the possibility of a loss.

If you have a partner and it is their income that allowed the loan perhaps the house could be bought and sold by them and not get your name involved.

On carer's allowance you are only allowed to work 10 hour a week.

That's not true. As far as I'm aware, there's no set amount of hours as long as you don't earn over £132 a week.

Thank you for the responses really appreciate it. The loan would be a secured loan as we own our home outright so would cost a awful lot in interest. It is a risk.

How will you pay it back though?

There is no way your DH should be working to pay a loan secured on your house for you to do some DIY. In fact the idea is ridiculous.

Unless your intention is to branch into home renovation and stop claiming carers allowance? But how would you be able to commit to that with your caring commitment?

Yes. I think the issue would be that you would lose carers allowance when you sell the house as that would be over the income limit. I totally agree though. I am in a similar situation. I was thinking about being a handy person and doing jobs for friends for a day a week. It would be flexible and I could charge what I like. Not sure what happens if the loan, purchase and sale are in your husband's name though?