Working Tax Credits Self Employed

monkeyintrouble

Hi, recently started up my own business (three months ago) and its not going as well as I hoped, and making very little profit. A friend suggested applying for WTC. Do I have to have a dependant child to make a claim?
I am single, no dependants and live in rented accomodation. Up to now I haven't made enough profit to pay my living expenses and have been using some savings I had, which are now running dangerously low. Any advice on what I am entitled to would be much appreciated. Thanks

no-oneknowsme

monkeyintrouble wrote: »

Hi, recently started up my own business (three months ago) and its not going as well as I hoped, and making very little profit. A friend suggested applying for WTC. Do I have to have a dependant child to make a claim?
I am single, no dependants and live in rented accomodation. Up to now I haven't made enough profit to pay my living expenses and have been using some savings I had, which are now running dangerously low. Any advice on what I am entitled to would be much appreciated. Thanks

What age are you and how many hours per week do you work in self employment?

monkeyintrouble

no-oneknowsme wrote: »

What age are you and how many hours per week do you work in self employment?

Im 55 years old and work over 30 hours, but no children. Its this point Im not sure about

Thanks

Caz3121

If you are over 25 and working 30+ hours per week you can claim. The cutoff for a single person is round £13k per annum

you could also possibly claim some help with your rent

monkeyintrouble

How do i make a claim? Can I do it online or do I have to ring someone or make an appointment?

benefitbaby

All claim details/info is here:
http://www.hmrc.gov.uk/taxcredits/start/claiming/get-started/how-to-claim.htm

monkeyintrouble

Thanks guys, I'll give them a ring tomorrow

Mersey_2

Hi,

You're in the exact same situation as my 33-year-old brother.

Tel HMRC Tax Credits Helpline on: 0345 300 3900.

The call takes 5 mins, although he did wait on hold for 20 mins.

They'll post you a form in 2 weeks and it takes upto 3 weeks to process. You fill in your taxable income for 2011/12.

You'll receive £52.08/week til April 5 2012, then it will be reassessed.

Caz3121

Mersey wrote: »

You'll receive £52.08/week til April 5 2012, then it will be reassessed.

Not sure where that number comes from, but from the table here, the maximum payable to a single person with no children/disabilities is £1,450 per annum (£27.88 per week)
http://www.hmrc.gov.uk/taxcredits/people-advise-others/entitlement-tables/work-no-child.htm

They will originally base tax credits off the previous tax years income, depending on your income last year, this may mean you are not entitled to anything but you can call to give an estimate of this years income. You are probably better to overestimate as anything over your estimate will result in an overpayment

Mersey_2

As there's only 6 months of the tax year to run presumably? £52.08 per week is what he would receive, according to the online calculation. I meant to say til April 5th, 2013.