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Working Tax Credits
apoole
Posts: 25 Forumite
[FONT="]Hi[/FONT]
[FONT="]
[/FONT]
[FONT="]I received Working Tax Credits (Disability Entitlement), my income from my employment is £13875.00 a year working 4 days a week.[/FONT]
[FONT="][/FONT]
[FONT="]
I declared all my savings to the HMRC verbally on my yearly review/entitlement:
ISA (not taken into consideration as tax free investment) £240k
Unit Trust £24k
My question is that I am looking at cashing in part of my Unit Trust and transferring this money into my ISA account. I was advised when I declared the above amounts to HMRC that I only needed to provide details of any taxable interest on my savings.
Will I need to notify HMRC if I cash in part of my Unit Trust as this amount will include interest/profit from this investment but below the capital gains amount?
Not sure how Working Tax Calculate entitlement, as they usually ask for your previous years taxable earning to calculate your entitlement.
Any help/advice is greatly appreciated.
Regards.[/FONT]
[FONT="]
[/FONT]
[FONT="]I received Working Tax Credits (Disability Entitlement), my income from my employment is £13875.00 a year working 4 days a week.[/FONT]
[FONT="][/FONT]
[FONT="]
I declared all my savings to the HMRC verbally on my yearly review/entitlement:
ISA (not taken into consideration as tax free investment) £240k
Unit Trust £24k
My question is that I am looking at cashing in part of my Unit Trust and transferring this money into my ISA account. I was advised when I declared the above amounts to HMRC that I only needed to provide details of any taxable interest on my savings.
Will I need to notify HMRC if I cash in part of my Unit Trust as this amount will include interest/profit from this investment but below the capital gains amount?
Not sure how Working Tax Calculate entitlement, as they usually ask for your previous years taxable earning to calculate your entitlement.
Any help/advice is greatly appreciated.
Regards.[/FONT]
0
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