We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Advice needed on Tax Credits/Self Employment
Ellenmay_2
Posts: 1 Newbie
Hi,
I'm hoping you can give me some advice?
I'm currently in the process of starting up my own business working from home. I have two children and receive child tax credit. My query is, I need to inform HMRC what I predict my earnings are going to be and how many hours I will be working. Firstly, I have no idea what this figure is likely to be initially as I have nothing to really base it on yet so it's a bit like plucking a figure out of the air. I do not invision to make much at all at the moment, especially in the first 6-12 months. I have been advised that it is better to over estimate then under estimate to avoid owing money at the end of the tax year. However, my worry is that if I over estimate and they drastically reduce the tax credits I currently receive, I may not be able to earn enough each month to make up the difference. I want to be totally honest in the figures I give but I'm not sure what to do for the best?
I'm hoping you can give me some advice?
I'm currently in the process of starting up my own business working from home. I have two children and receive child tax credit. My query is, I need to inform HMRC what I predict my earnings are going to be and how many hours I will be working. Firstly, I have no idea what this figure is likely to be initially as I have nothing to really base it on yet so it's a bit like plucking a figure out of the air. I do not invision to make much at all at the moment, especially in the first 6-12 months. I have been advised that it is better to over estimate then under estimate to avoid owing money at the end of the tax year. However, my worry is that if I over estimate and they drastically reduce the tax credits I currently receive, I may not be able to earn enough each month to make up the difference. I want to be totally honest in the figures I give but I'm not sure what to do for the best?
0
This discussion has been closed.
Categories
- All Categories
- 346K Banking & Borrowing
- 251.1K Reduce Debt & Boost Income
- 451.1K Spending & Discounts
- 238.1K Work, Benefits & Business
- 613.1K Mortgages, Homes & Bills
- 174.5K Life & Family
- 251.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards