My own situation is different to most, I am 66 in a couple of weeks but still have a young wife and two step daughters to support.
Because I continue to work and my wife does not, as she has to be home when the kids finish school.
I am entitled to my old age pension as a couple.
This has left me in a bit of a prediciment. My wife was also my business partner, so we claimed two personal allowances against our tax bill, she stopped working when we brought her children here, apart from spending an hour a day filling my water containers.
Because my wife was getting half the business profits, I could only claim my own old age pension, if she does not work I can claim an extra £50 a week pension, but we would lose her personal allowance against the tax bill, that would mean that I would me paying tax on an additional seven grand, this would amount to about £1500, so I am grand better off by dissolving the partnership and claiming a pension as a couple.
I have to work thirty hours a week to qualify for family and child tax credits.
The best solution for me is to put as many customers as possible on bimonthly cleans, and the recession can help me do this, Even if I only charged an additional couple of quid per house, I would be better off with a more manageable work load.
One day I will have to pack it in, I was thinking of franchising the round out for say £100 a week, but this route is not without considerable pitfalls. I think legal advice is a must if I do that, it would have to be a water tight arrangement. Selling the round for three times it's income value, would not produce an income of five grand a year, no matter how well I invested the money.