Will my Tax Credit be artificial if i am made redundant from my employment (lb25k) and become self employed ?
Do I need to inform Tax Credits if I have be made redundant from my permanent job and presently anticipate going self-employed with an estimated income of lb7000 for the year 2008/09? Will my tax credit be artificial? The reason for going self employed is that I do not wish to claim Income Support or Jobseekers Allowance. Overall, do you conjecture I will be better off this way or should I apply for adjectives the benefits. PS I have a wife and 3 kids.
Answers: The Tax Credit system will go on your stipend from april07 to April 08, you have to inform them of how much you have earn for this tax year so your Tax credits can be adjusted properly the sooner you let them know the better. You will only own to inform them about changes surrounded by your circumstances if you become unemployed and claim any benefits. So if you become self employed for 08/09 you have to inform them surrounded by April 09 of your income for that tax year, so if you will be earning smaller quantity than your employment your tax credit will not go up till April 09 as they work out your payments from the previous years gross. Hope this helps..
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Answers: The Tax Credit system will go on your stipend from april07 to April 08, you have to inform them of how much you have earn for this tax year so your Tax credits can be adjusted properly the sooner you let them know the better. You will only own to inform them about changes surrounded by your circumstances if you become unemployed and claim any benefits. So if you become self employed for 08/09 you have to inform them surrounded by April 09 of your income for that tax year, so if you will be earning smaller quantity than your employment your tax credit will not go up till April 09 as they work out your payments from the previous years gross. Hope this helps..