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NI Credits
frankyappa
Posts: 9 Forumite
If I commence self employment on 6th April 2018 and am awarded WTC and qualify for NI credits because of low income, which tax year are those NI credits include in?
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Comments
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I believe they would be applied to the current tax year.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.0
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You mean 2018/19 ?
What confuses me is that my accounts for 2018/19 do not have to be submitted until 31/1/2020 if I'm not mistaken...0 -
Yes I mean 2018/19. Tax credit awards are based on previous year earnings but I believe the tax credits are given in conjunction with the payment of the WTC so if you have managed to get an award now I would expect the credits to be awarded now.
When you eventually submit your accounts if there is a difference of more than £2,500 between your actual earnings and whatever estimate has been used to get the award then your Tax Credits will have to be recalculated and if you have been overpaid you will have to pay the overpayment back.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.0
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