Need help with tax credit..

Jessikka

I have just started my own business and registered as self employed, however I am not taking an income from the business, so working for free as all the money goes back into the business.
Will I be entitle to working tax credit?

I will need to start taking £250 per month out of the business soon as can't affrod to work for free.

Any ideas where I stand?
Thanks

toonbaz

if its single claim and you have earnings less than about 13.5k then you should qualify.
you will need to be working 16 hrs pw if you have children or registered disabled or working 30 hrs pw if no children or disability.

Deepmistrust

Jessikka wrote: »

I have just started my own business and registered as self employed, however I am not taking an income from the business, so working for free as all the money goes back into the business.
Will I be entitle to working tax credit?

I will need to start taking £250 per month out of the business soon as can't affrod to work for free.

Any ideas where I stand?
Thanks

Yes, as long as you are working enough hours.

It doesn't matter if you don't make a profit, it doesn't affect your claim. Just estimate your profit for this year. That is what your income is.

Caz3121

If you are single with no children you also need to be over 25

Jessikka

great, thanks for all your help.. I will contact them tomorrow to see what they say.
Cherers