WTC credit when self employed

The WTC will be paid into your bank account. CTC is paid into bank account of the main carer which is most frequently the mother in a couple. However you nominate who the main carer is - so you have the choice of who it is paid to.

Because it is a joint award, if you are in a couple and you are both working it will go into the bank account of whoever is the main earner. If the main earner is employed it may be paid via their payslip. However this is likely to be phased out (expect this to be confirmed in the Pre-Budget Report on 2 December).

While we're on this topic - top tip for the self-employed......even if your income last year was too high (£58K if you have children, approx £15K for childless couples, approx £11K for childless singles) to get TCs, if there is any chance - and I mean any chance at all - that your income this year will drop low enough to make you qualify this year, you should apply straight away. They will respond with an initial zero award based on last years income, but if your business has a bad patch later in the year which means you qualify, you'll effectively get backdated to the date you apply plus 3 months. Whereas if you wait until the end of the year to apply, it will only be backdated 3 months from that date. This is called a protective claim and is an excellent strategy for anyone with a fluctuating income.

nope, you'll get more initially, you get paid one element for working between 16-30 hours and a bonus element for working 30+ hours.Next year though, the payments will go down a little as you'll be earning more, and that causes payments to become lower