Working tax credit and self employment

soon2bjobless

Hi - we have been claiming Working tax credit for ages on my wages alone as my OH had been unable to work. He has now been offered a job on a fishing boat but will have to be self-employed (he explained it to me but went straight over my head!)

I renewed my tax credit claim based on my earnings last week (only heard about the fishing job today) What happens when he starts? I will phone the tax credits when he does but as we don't know what his wage will be how do they calculate it out?

Thanks

TaxCreditHelp

You should try your best to give a realistic estimate of your OH profits for 2010/2011. Remember you can change this estimate at any point in the year and if his earnings increase then remember this can affect your payments so try and allow for this in your estimate.

For Self-Employment the income required is profits only, so any losses and expenses can be deducted.

If he will be working more than 16 hours per week and you work over 16 hours per week as well, then you can also get help with Childcare costs. Tax Credit Office will pay up to 80% of Nursery, Childminder, or After School Club fees provising they are registered with an official body such as OFSTED.