Claiming Tax Credits as working for my ltd company

hm0210

Hiya,

I started 2 companies last year, one if feb and another in may both doing different things. I finished full-time work to carry out building my businesses to which they have done ok but nothing special, I have been able to "get by".

Now I don't claim absolutely anything, my partner does not work as she is at home with the 2 babies. Since the start of the year my businesses have really struggled, to the point that I only have enough money in them to see me through for the next few months paying myself £700-800 per month.

I have since been told that I could get working tax credits and tax credits plus a few other benefits due to the low income. Does anyone have any experience for this.

I do not want to let my companies go just yet as they have done ok and are very young with a bright future, they just need a little more time before I throw the towel in. But I know with some more time I can make them a success.

I just wondered if there is any help I can get whilst times are getting harder?

Any advice would be great.

Thanks.

Icequeen99

hm0210 wrote: »

Hiya,

I started 2 companies last year, one if feb and another in may both doing different things. I finished full-time work to carry out building my businesses to which they have done ok but nothing special, I have been able to "get by".

Now I don't claim absolutely anything, my partner does not work as she is at home with the 2 babies. Since the start of the year my businesses have really struggled, to the point that I only have enough money in them to see me through for the next few months paying myself £700-800 per month.

I have since been told that I could get working tax credits and tax credits plus a few other benefits due to the low income. Does anyone have any experience for this.

I do not want to let my companies go just yet as they have done ok and are very young with a bright future, they just need a little more time before I throw the towel in. But I know with some more time I can make them a success.

I just wondered if there is any help I can get whilst times are getting harder?

Any advice would be great.

Thanks.

As an employee, providing you meet the hours requirements for WTC then yes you can claim.

IQ

Darksparkle

Although there is an hours requirement for WTC (24hrs per week for a couple with children, assuming no disabilities), there is no hours requirement for CTC. CTC is purely based on children and income.

You or your partner should also be claiming child benefit.