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  • FIRST POST
    • knypersley
    • By knypersley 13th Jan 19, 12:42 PM
    • 1Posts
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    knypersley
    Tax Credit Renewal Advise
    • #1
    • 13th Jan 19, 12:42 PM
    Tax Credit Renewal Advise 13th Jan 19 at 12:42 PM
    Hi,



    I am currently receiving Working Tax Credits (Disabled element)



    I have received a letter from HMRC Tax Credits asking me to provide my taxable income for 2017/18 as the figures I had already provided were recorded as an estimate and they need me to submit this information before 31 January 2019.


    My Taxable income for this period was 14531.00



    My question is, I held some shares on the Stock Market during this tax year (Purchase cost 1800 and sold for 1750). Do I need to declare this amount as I have gained no taxable profit from this?



    I also have some other shares that have gained in value and have recorded the dividend payments as these are taxable (I assume as I have not cashed these shares in I do not need to declare there current value and provide the difference from there original purchase price as income?)


    One final question.... I hold a 'Fund and Share' account titled European Equity and need to cash this in 5000 to purchase a wheelchair. This payment I receive will not be taxed as any gains from this investment have been taxed already, of which I haven declared in previous Tax Credit Renewals. Will this payment however effect my Tax Credit entitlement and do I need to declare it?


    Any help/advise if greatly appreciated and thanks.











Page 1
    • Darksparkle
    • By Darksparkle 13th Jan 19, 6:08 PM
    • 5,356 Posts
    • 3,488 Thanks
    Darksparkle
    • #2
    • 13th Jan 19, 6:08 PM
    • #2
    • 13th Jan 19, 6:08 PM
    Sold shares attract capital gains tax, tax credits only includes income subject to income tax so don't need to be declared.

    Dividends do need to be declared.

    Your last one isn't clear have you or haven't you declared it in the past?
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