Simona
18-01-2016, 11:41 AM
As we are now aware WTC will change for many people including CMs who are self-employed.
The changes affect everyone and many will receive Universal credits in place of WTC
I have found this statement which may help many cms.
''If you are self-employed and claiming Working Tax Credit (WTC), you may have been contacted recently by HM Revenue & Customs (HMRC) and asked to provide evidence that you are aiming to make a profit, working regularly, keeping good business records and following any necessary regulations. These are government requirements for receiving WTC.
The Tax Credit Office is contacting some self-employed recipients of WTC whose average hourly profit is less than the National Minimum Wage, which is currently £6.70 per hour, and will rise to £7.20 in April.
If you are contacted, you may be asked to provide the following documents:
•records of your earnings and hours worked
•invoices for the work you’ve done
•receipts for expenses you’ve paid
•a business plan, and how this was put into place
•how you promote your business and how it is run on a day-to-day basis
You should also be aware that WTC is gradually being phased out and replaced by Universal Credit (UC). If you receive WTC, you will be eventually be moved onto UC when it is introduced in your area. More information about UC is available here'' (end)
Do make sure you get support in this area to understand how everyone is being affected by the changes.
These links will help further
https://www.gov.uk/working-tax-credit/eligibility
https://www.gov.uk/universal-credit
https://www.gov.uk/universal-credit
The changes affect everyone and many will receive Universal credits in place of WTC
I have found this statement which may help many cms.
''If you are self-employed and claiming Working Tax Credit (WTC), you may have been contacted recently by HM Revenue & Customs (HMRC) and asked to provide evidence that you are aiming to make a profit, working regularly, keeping good business records and following any necessary regulations. These are government requirements for receiving WTC.
The Tax Credit Office is contacting some self-employed recipients of WTC whose average hourly profit is less than the National Minimum Wage, which is currently £6.70 per hour, and will rise to £7.20 in April.
If you are contacted, you may be asked to provide the following documents:
•records of your earnings and hours worked
•invoices for the work you’ve done
•receipts for expenses you’ve paid
•a business plan, and how this was put into place
•how you promote your business and how it is run on a day-to-day basis
You should also be aware that WTC is gradually being phased out and replaced by Universal Credit (UC). If you receive WTC, you will be eventually be moved onto UC when it is introduced in your area. More information about UC is available here'' (end)
Do make sure you get support in this area to understand how everyone is being affected by the changes.
These links will help further
https://www.gov.uk/working-tax-credit/eligibility
https://www.gov.uk/universal-credit
https://www.gov.uk/universal-credit