Tax Credits and Self Employment?

chugalug

Just a quick question - hopefully someone can help.

I'm a single parent with one child left at home. I've just finished Uni but don't want to work for anyone else again............ decided to go it alone :eek:

Anyway, I get CTC, CB and £20pw maintenance (:mad: ) If I worked at my home business for 20 hours pw but didn't 'earn' anything for a while how would that be treated for WTC? What about HB and/or CTB?

AFAIK, my student loan isn't due for repayment until April 2008 so that's something.....

Any help much appreciated, thanks!

chugalug

Anyone???????????

TheWaltons_3

I think you can claim and you can also claim Childcare.

chugalug

Thanks, I knew I could claim - perhaps I should have made my question more specific!!

What figure will be used to calculate my income (esp for Housing Benefit)? Will they assume minimum wage or will they use my actual earnings (which could very well be zero at first)?

LilMissEmmylou

give the CTC people a call and ask, they will be able to advise you more than anyone on here i expect.

nzmegs

My husband is self employed - we estimated his income for next year and they based our tax credit payment on that. If it is different we will either get a rebate of have to pay more next year.
Last year he actually made a loss and so we have just had a lovely big rebate put in our account Woo hoo!! You do not have to tell them what you earn until you do your self assesment the following year - but is is in your interests to either over estimate it or get it right because otherwise you will have to pay it back.