Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • frankyappa
    • By frankyappa 9th Aug 18, 4:53 PM
    • 9Posts
    • 0Thanks
    frankyappa
    NI Credits
    • #1
    • 9th Aug 18, 4:53 PM
    NI Credits 9th Aug 18 at 4:53 PM
    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?
Page 1
    • calcotti
    • By calcotti 9th Aug 18, 7:29 PM
    • 672 Posts
    • 434 Thanks
    calcotti
    • #2
    • 9th Aug 18, 7:29 PM
    • #2
    • 9th Aug 18, 7:29 PM
    I believe they would be applied to the current tax year.
    • frankyappa
    • By frankyappa 9th Aug 18, 9:40 PM
    • 9 Posts
    • 0 Thanks
    frankyappa
    • #3
    • 9th Aug 18, 9:40 PM
    • #3
    • 9th Aug 18, 9:40 PM
    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...
    • calcotti
    • By calcotti 9th Aug 18, 9:56 PM
    • 672 Posts
    • 434 Thanks
    calcotti
    • #4
    • 9th Aug 18, 9:56 PM
    • #4
    • 9th Aug 18, 9:56 PM
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,896Posts Today

8,762Users online

Martin's Twitter