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Self Employed, Disability Tax Credits and Wages
spilledink
Posts: 33 Forumite
How can I prove the hours I work? Is a written record such as a diary adequate proof? I will also have the jewellery I've made, my design book etc. but will this prove I've worked XX amount of hours?
Do I have to take drawings (pay myself) over a certain amount per week/month, to claim disability tax credits as self employed?
I've heard so many self employed people say that for the first year of business, they fed their business and not themselves
Do I have to pay myself anything at all?
If, for example, I didn't pay myself for 2 months but continued to work and have evidence of work, would I still be classed as "working" and entitled to the Tax Credits?
I have invested some savings into my business and don't intend to invest any more. Tax credits would be spent on what they are paid for.
More info that might be relevant:
I claim DLA, both mobility and care component. I'm not 25 until next year. My OH works full time (and is also under 25). We also don't have kids yet. My business is just me, working as a sole trader, no employees. I work from home.
I've been working around 20 hours a week which is a manageable pace. I'm hoping to extend my working hours and grow my business.
Thanks to all who reply in advance (that was a lot of reading!)
Do I have to take drawings (pay myself) over a certain amount per week/month, to claim disability tax credits as self employed?
I've heard so many self employed people say that for the first year of business, they fed their business and not themselves
Do I have to pay myself anything at all?
If, for example, I didn't pay myself for 2 months but continued to work and have evidence of work, would I still be classed as "working" and entitled to the Tax Credits?
I have invested some savings into my business and don't intend to invest any more. Tax credits would be spent on what they are paid for.
More info that might be relevant:
I claim DLA, both mobility and care component. I'm not 25 until next year. My OH works full time (and is also under 25). We also don't have kids yet. My business is just me, working as a sole trader, no employees. I work from home.
I've been working around 20 hours a week which is a manageable pace. I'm hoping to extend my working hours and grow my business.
Thanks to all who reply in advance (that was a lot of reading!)
0
Comments
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I can't answer your question but am sure someone will come along and offer some good advice soon.0
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I think, you can only get tax credits if over 25 (someone correct me if i'm wrong)
edit: scratch that if you're over 16 you can claim the disability tax credits
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/TaxCredits/Gettingstarted/whoqualifies/WorkingTaxCreditthebasics/DG_172728This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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