We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Working Tax Credits - net or gross income
pencilcase
Posts: 24 Forumite
I'm self employed with an income of £9500, which I've given as my 'income' figure for my WTC application - but on another board they said I should give my net income (ie, income after tax of say £1000 - ie, £8500 - when I asked the WTC direct they said no, I should give the gross income, but I know they've got a bit of a reputation for getting their wires crossed, so thought I'd come and ask here
Many thanks in advance!
Pencilcase
Many thanks in advance!
Pencilcase
0
Comments
-
You need to give your Gross income before your deductions.0
-
When declaring income to tax credits, you declare the gross income from your payslip/P60/P45.
When declaring your income from self employment, you declare the net profit.
This is your income after expenses but before tax & NI.0 -
Thanks -tha's what the WTC people said, but because of hearing something different on another forum I thought I'd better check!
Many thanks
Pencilcase0 -
As you are self-employed you need to declare your profits which is what you have left after your expences have been taken off.
Tax and National Insurance are not expenses.
WTC were telling you the truthThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
pam17 is correct, we had our first year of figures last year as we are also self employed.:A Tomorrow's just another day - keep smiling0
-
Hello I'm self employed too in my first year and because I have found it so confusing to claim I never have so to get it straight in my mind if I brought in say £10k but expenses came to £2k would I take off the £2k and tell them my gross earnings are £8k?
Sorry I might sound a little numb!I am a Travel Agent
My company’s ATOL/ABTA numbers are L318X. MSE doesn't check my status as a Travel Agent, so you need to take my word for it. ATOL numbers can be checked with the Civil Aviation Authority. This signature is here as I follow MSE's Travel Agent Code of Conduct.0 -
The figure you need to declare is Income less Expenses. i.e £8K.I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards