WTC, Self-employed, pensionable age

martlet2

I am a 62 year old male getting part pension guarantee credit and part self-employed working tax credits to bring me up to the pension minimum income level.. It looks like I will lose the working tax credits as my self-employment is a long-term research project that will not pay anything until it is finished. Would it better for me to dump the research and declare myself retired? Would I then get full pension guarantee credit to replace the working tax credit if I did so? Lastly, what would be the best way to switch from one to the other to get a smooth transfer?
Good advice welcome.

Horseunderwater

Why do you think you will lose WTC? If you are putting in the hours and can prove it, then you will not lose it. At present you do not need to prove a NMW conditionality as TC's are not even starting to be moved over to Universal credits until after April 2014. I assume that is what you are refering to, although I may be wrong. As to changing over to full PC - I have no idea.

shedboy94

martlet2 wrote: »

It looks like I will lose the working tax credits as my self-employment is a long-term research project that will not pay anything until it is finished.

Yet another person abusing the Tax Credit system........so what is this "research project" and how does this comply with the remunerative work rule for WTC? What service are you providing and what payment are you receiving for this service?

Icequeen99

I would be very surprised if you are meeting the qualifying remunerative work provisions for WTC from a research project.

Each hour that you do has to be for payment or in expectation of payment - expectation meaning there has to be some real possiblity payment will be realised.

You would need to tell HMRC you were no longer self-employed, your WTC would end and then you claim PC.

IQ