specialist team for tax credits renewal (merged)

Elaine_Wilson

I think you have it right.

The rental income is not part of his self employment. On the self assessment return he will need a property income supplement as well as the self employed one.

For tax credit purposes the rent is other income and goes in with any other investment income (reducing the total by £300 as you noted). The self employment income goes in the usual place.

As for the endowment, there should be no entries required on the self assessment return. Where policies are cashed in early there can be an additional tax charge but if this had been the case you would have received a "chargeable event certificate".

The proceeds are not income for tax credit purposes but, of course, any interest earned on those proceeds would be part of the other income.

MYDOGCRYSTAL

Hi
thanks to everyone who has answered so far, i went onto the tax credits helpline site and found this very helpful, under the other income site it does say rental income is part of this but underneath where it goes through each other income bit in more detail it does says you do not need to include rental income if it is put on your self assessment so my husband will be doing this to cover this.

I just need to dig out the endowment cash sum thingy and see if there was a chargeable gain but i dont think there was and bank statements to see if he got more than £300 in the full year, doubt it though as we had to pay the mortgage arrears off with it pretty quick!!!

Just need to get hubby to self assess asap and hope specialist renewal team accept this and HRMC dont charge him £100 for late registration :eek:

toonbaz

need_help1 wrote: »

hi there I phoned up tax credits 2 weeks ago now to do my annual declaration. I was told that they had all of the information they required and that they would process my renewal and wrtie to me in due course.

I recieved a one off payment into my bank last thursday and today i have received a PROVISIONAL TAX CREDITS AWARD NOTICE and im a bit confused as to why i have received it. It says i need to sign and send off my tax credits annual review pack even though i have renewed over the phone???? it doesnt make sense. the people on the helpline are as much help as a chocolate fireguard i just dont know what to do ?? i dont even have the annual review pack anymore. DO I JUST WAIT AND SEE IF THE FULL AWARD NOTICE COMES THROUGH THE DOOR ?

i wonder it tax credit help could have a look at this for me and let me know what you think

thanks M

this may also help a few others who are in the same boat.

when you complete your renewal in most cases the advisors should also be putting in an estimate for the current yrs income (even if this is just the same as previous yr income given for the renewel). now there may be a delay in processing your renewal especially if its being dealt with by specialist renewals team, however the estimated income for current year is classed as a change in circumstances and the system will process that info straight away regardless of any delay with the renewal, thats likely to be why you would have received a provisional award notice, a full award should follow as soon as your renewal is processed.

hope this helps.

katykitten

i have been getting two notifications of tax credits both identical for several years but thought nothing of it until i was notified this year that as i hadnt sent in my final figures (i have a small business) for 08-09 that my tax credits would be stopping, they said the deadline was end of jan this year, im pretty sure i phoned in the final figures but have no proof of this so now im several hundred pounds a month down. i have written to them but they say thats the law and there is nothing they can do about it. i have no idea what to do now, can i back- claim for 09-10 or is this money now gone forever - im finding it hard financially now because of this so any advice would be welcomed

panambi

I phoned the specialist team several weeks ago and gave them all the info. I am self employed and had a loss last tax year so they put £0 down for my income. Now, about a month later, I received a letter asking to clarify a question before they could finalise my claim. Question was what my income had been since in their system it showed £0 and to let them know if I had stopped working. So what was the specialist team for then if after speaking to them I get asked this question again ??? I rang them up and told them I had had a loss last year so they said they would put that on my account but for some reason I have a bad feeling about this, still not had the final notification through.

Since my business doesn't earn me much if anything at all most months we rely solely on Tax Credits to pay our bills including Rent, etc so would be a disaster for us if they cut it off. (am looking desperately for a job to get a steady income in but no luck so far).

MYDOGCRYSTAL

Hi

I know how you feel about self employment and i guess they are geting a lot more strict with renewals and not accepting a loss etc. My husband probably wont have a loss but he needs to go0 into inland revenue and do his accounts or get the impression i wont renew properly and may only have entitlement to CTC last year.

At the moment hubby doesnt earn a lot and I rely on incapacity and tax credits to help us along until he gets more work, the recession is so bad these days I know loads of people who cant find work but does the fact they are actively going aout an looking for work and doing paperwork etc etc with a view to getting work count too towards hours worked with self employment, the tax credit helpline said yes but the only thing you have as proof is your written records. Self employment is a pretty messy business especially as a sole trader.

I have a mental illness and cant work out of the home but believe can do some permitted work as long as its less than £93 a week, there is some sort of rule that if you earn less than £20 a week you can do this any week on IB but surely this doesnt mean working 16 hours as I can type etc or do ebay work but how do you earn just £20 for 16 hours work, so in short you cant do any work and get WTC if you have a disability because of the 16 hour rule unless its just DLA, sorry to go on just want to find ways legally to boost income to help until hubbys business gets more work.

Katy Kitten \i know tax credits stop credits if you dont renew but surely you can now reapply to claim at least now, tax credits dont backdate more than 3 months but after you had done your self assessment and had earnings for 2008/2009 you should have been able to reapply to start again, i think anyway, just been looking on tax credits helpline a lot to help my situation and thats what i think you should of been able to do and at least now if theres a big overpayment if you are struggling financially they should be able to take low weekly repayments, sorry if im wrong but check it out its worth a try.

Self employment is so hard to understand as is tax credits what to claim for what to decalre what you can take off is it any wonder people get confused and do wrong things, i have had at least 4 times ive given tax credits information and theyve either got it wrong, not actioned it or paid too much despite my information and you guessed it every time ive had to pay it back.

thanks everyone for listening i feel so depressed with it all:(

fuzger

Not sure where to put this so ive put it here,as i have to ring the specialist section too(when i find my letter with the number on!)
i have 2 kids..one ger High rate DLA for care and mobility.I get ICA and OH is S/E..last year at renewal i estimated £2000 profit for year end 2009 as tax return didnt get done til January as usual:o..when tax return was done it was actually £5500 profit..now when i renew again when have i been overpaid from?.still not done tax return for y/e 2010(as usual) but will probably be around the £5500 again ,will i need to give details for the year 2010 to 2011..very confused
TIA

MYDOGCRYSTAL

Anyone been called by 01253 503500 is this specialist team renewal at blackpool called it back and line just not been recognised

festival84

I filled in my child tax credit renewal form about a month ago and received my award today. I had to call them this evening to let them know that my son aged 16 will be staying in school for 6th form, They asked me a few security questions and them said I have to go for an interview and take photo id and a letter with my address on it as the computer didn't have enough information about me. None of my information has changed since the child tax credits started and i have called in the past and never had any problems, the guy said they employ a 3rd party to do all the security checks and I didn't pass, he said it is a new system and it is done to protect me. Has anyone else ever heard of this, or did I just get someone who didn't know what he was talking about.I mean how could I not pass the security questions when they have always been the same ones i have answered in the past without any problems. I am really confused, could anyone help please.

MYDOGCRYSTAL

Hi

I think its a new thing when i changed my bank details they asked me loads of questions and created a password, things like favourite food previous address etc i think its just so if you ring you can give password and/or they will ask you couple of the questions they asked before and expect same answer most companies do it, i wrote my answers in a book because i never remember security questions or passwords, i dont think its anything to be concerned about just checking identity they will probably reset it all up for you just remember to write down things months on you probably wont remeber password or what they asked me was what was my favourite food something that could change!!