Time to renew your Tax Credits

Tax_Credits

Many small business owners are on low incomes whilst they build up their business and often they can claim Working Tax Credits.

The following summary is from Citizens Advice

Who can get Working Tax Credit

The number of hours a week you have to work to be able to get Working Tax Credit depends on your circumstances.

If you’re single or in a couple, and have no children, you can qualify if:

  • you are 25 or over and you work at least 30 hours a week, or
  • you are 16 or over and you work at least 16 hours a week and you are disabled and you get a qualifying benefit, or
  • you are 60 or over and you work at least 16 hours a week.

If you’re single and have at least one child, you can qualify if:

If you’re in a couple and you are responsible for a child or young person, you can qualify if:

  • you are 16 or over and you or your partner works at least 16 hours a week and the two of you work at least 24 hours a week between you in total. For example, you can meet this condition if you work 16 hours a week and your partner works 8 hours a week. If only one of you works, that person must work at least 24 hours, or
  • you are 16 or over and you work at least 16 hours a week and you are disabled and you get a qualifying benefit
  • you are 16 or over and you work at least 16 hours a week and your partner is a hospital in-patient or entitled to Carer’s Allowance or in prison or gets certain disability benefits
  • you are 60 or over and work at least 16 hours a week.

There is an online questionnaire you can use to find out if you might qualify for WTC. Go to the GOV.UK website at www.gov.uk.

What counts as work

Your work can be:

If you’re self-employed

Some self-employed people are not eligible for Working Tax Credit. To qualify, your self-employed work must aim to make a profit. It must also be commercial, regular and organised.

If you’re claiming tax credits, you’ll be sent a renewal pack. It will tell you how to renew your tax credits.

You must renew your tax credits by 31 July 2016 if your renewal pack has a red line across the first page and it says ‘reply now’.

steve@bicknells.net