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Tax credits
stroppy
Posts: 237 Forumite
Hi guys,
Could anyone help me out with this please?
Hubby went bankrupt on 3rd September as of yet we have not notified the tax credit people,we are currently living mainly off this and a little bit of income from being self employed,our losses from our old business meant we were awarded pretty much the maximum tax credits.As it stands at the moment we have no real idea of what our income is,what should we do?Will we get in trouble for not telling them?If they go down we will be struggling to make ends meet again.
Thanks Stroppy x
Could anyone help me out with this please?
Hubby went bankrupt on 3rd September as of yet we have not notified the tax credit people,we are currently living mainly off this and a little bit of income from being self employed,our losses from our old business meant we were awarded pretty much the maximum tax credits.As it stands at the moment we have no real idea of what our income is,what should we do?Will we get in trouble for not telling them?If they go down we will be struggling to make ends meet again.
Thanks Stroppy x
0
Comments
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At the moment your income i assume has not changed due to BR? Tax credit don't take credit payments into account so shouldn't make much difference? you only have to tell them if your income changes?0
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Im also self employed - earning 11.5k last tax year ( plus aprox 2.5k from being employed) next tax year, I will only earn aprox 11.5k ( ie no additional job providing extra income).
I own my own house - well Norther Rock do - my mortgage will increase next May by £200+ - I have no savings and no other income. I dont think that I can move my mortgage as I am self employed - showing low profits and I need 188k re-mortgage loan to stay put! I have aprox £13k owing on credit cards.
I have aprox 10k equity (luckily) still in my house -
Can I claim any financial help from anywhere? ( benefits)? I am struggling to live At the mo I am taking out more cash from the business than it has available ( its a partnership & my 'share' value has gone down! In any case, I am taking far more than the 11.5k that the business earns in profit ( cash flow is now very tight ).
How can I improve my situation?
All genuine ideas very, very welcome please.0
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