Out of work after 15 years - advice?

[AWS]

Can anyone give me advice on being out of work?

I've worked part or full time depending on my circumstances for the past 15 years. Now i've lost my job due to the cuts and i have no idea how we will manage. I had a very small redundancy pay out but it's gone. My last paid job will end this month (a temp job) and there's very little on the horizon.

My husband is self employed but earning nothing at the moment due to ill health. I don't think he's entitled to disability because his health fluctuates and anyway, he wants to work when he can.

I have 3 children either at nursery or school.

We own our house but the mortgage is quite low so we're going to try and pay it. We desperately want to move to a better area but i think that's out of the question now.

The thing is, i have no idea how we will manage financially. I'd like to have a few months at home to clear my head and possibly try and help my husband make his business work better as the alternative seems to be working full time for very little, something i don't want to do while the children are so young.

So do i see what benefits we can get (does anyone know?) and invest some time with my family before they grow up, or do I just bite the bullet and get a job and put the business on hold.

I really need to get a move on!

Personally I'd say explore what benefits you can get before making any sort of a decision - if you can't live off the amount you can get then that rules out the option there!

Is your husband's illness likely to be ongoing long term? It may be worth him looking at employment, either in his current area (at least then he may qualify for sick pay) or in a different field where his illness may not affect him? My step dad had been self employed all his life (manual work) but following his heart attack he got an office job for a few years while he recovered, and set himself up again self employed once he felt physically and mentally ready again. It was awful at the time, but he would have lost his clients anyway as he wasn't able to work, and he needed a regular income.

Based on your personal circumstances, I would think that luxuries like investing time with your family and growing your husband's business must surely fly out the window.

Unless benefits can work for you, it is logical that you would have to get a fulltime job.

If your husband's business is still functioning and likely to produce an income then you should become employed by the business. If you work 24hrs or more for it then you will be entitled to CT credits.

The business should pay you & your DH the minimum wage and of course approx £7K each of that will be Tax Free under present Tax Allowances.

I work for my husbands business in this way. It pays me more or less what I would earn in any other P/T job with all the benefits of working from home (petrol/childcare being the main ones!) & it makes family life more manageable.

Good luck

PS If there is any money left over at the end of the year your DH may pay himself a director's bonus...which is Tax Free.