Working Tax credits

Mistral001

Has anybody here got any experience of Working Tax Credits?

I am single with no dependants, self-employed and working in a construction-related design occupation. My income is about one fifth of what it was two years ago and I have had to apply for working tax credits. My accountant advised me to apply for WTC last year, but I thought it would be a big disincentive to get more work in and did not bother to apply. Now I find that I have to apply just to eat (I gave up on heating my house when the heating oil ran out in February).

I do over the 30 hours a week theshold, even though very few of these hours are paid as most of it is just administration of the firm and looking for more work.

I have based my income on an estimate of last years profit as my accounts have not been sent to my accountant yet. I have been told that I can get over £50 a week which in marvellous, but I am worried that if suddenly things pick up, will I have to pay it back? I have been told by HMRC that I might have to do that.

Has anybody here have experience of Working Tax Credits and can advise on any pitfalls.

Golden_Anemone

Mistral - you would get a better and more knowledgeable response on the Benefits forum.

Perhaps a Board Guide would move this for you. Good luck. :-)

Mistral001

Golden Anemone

Thanks for that. I will start a thread on the Benfits forum. I have read several of the threads on that forum which is helpful, but my situation not exactly covered as far as I can see and a new thread might get a few replies.

Mistral001

Just one more thing.

Even though I have posted on the Benfits forum now as well, I would still be interested in getting some feedback from people in Northern Ireland as the downturn in the construction industry is particularily bad here in NI, both in the building sector and the design sector and I do not see my business as "failing" as many other similar businesses to mine are in the same or worse situation. Many are just surviving on life savings or spouse's income to keep going until things pick up. I have neither savings or a spouse's income, so that perhaps puts me a particularily bad situation.