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Tax Credits Review earnings figure and SE payment on account
Jwebby
Posts: 1 Newbie
Tomorrow I am going to phone through our Tax credits review income figures. I have them all ready but i am confused about one thing.
In January I made a payment on account for my Self assessment earnings for 2013 - 2014. Its the first time I have had to make a payment on account so I am not sure if I need to take it into account.
Can I take the payment on account off of my earnings for 2012 - 2013 as I paid it in this period?
No issue if I can't, I just want to get it right.
In January I made a payment on account for my Self assessment earnings for 2013 - 2014. Its the first time I have had to make a payment on account so I am not sure if I need to take it into account.
Can I take the payment on account off of my earnings for 2012 - 2013 as I paid it in this period?
No issue if I can't, I just want to get it right.
0
Comments
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HMRC tax credits only need to know gross income less expenses for the tax year ending 2012/13 - so the payment on account for this year should be included when you finalise your tax credits at renewal next year in 2014.0
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A payment on account is a payment of income tax. You can't deduct income tax from your income for tax credits, nor treat it as an expense no matter when it is paid.
IQ0
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