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Can I get tax credits when i start a business? |
I am thinking about starting my own business soon and i need to know the following, i am getting income support at the moment but when i start my business this will probably stop. I live with my spouse and two children, will i be able to receive working tax credits and will i have to inform them of my takings once a week so they can give me the right money? Yes - I'm self employed and get Child Tax Credit and Working Tax credit. You try to estimate what you'll be earning and they'll work out what you're entitled to from that. No, you don't need to tell them monthly - they'll send you an annual review pack and you can then give them more up-to-date estimates. There's a great site you can visit that will tell you exactly what you can get to the penny. It's www.entitledto.co.uk Good luck with your business I'm in sort of similar predicament and they average out your earnings monthly and the money goes to your spouse but as soon as you are up and running and making good income it stops |
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