tax credits help

[Hebs]

i went self employed near the end of the tax year

so for my tax credit renewal do i add my wages from employment to my income from minding = yearly income, or do i take off my expenses too which for minding is a MINUS figure due to start up costs

for example...

£12560 (employment) + £2690(minding income) -start up costs = £9678???

i really hope that makes sense and those figures are made up :laughing:

[sarah707]

You should have 2 boxes... one for childminding and one for employment income I think..????

Otherwise I would give them a ring.

Tax office accept you might make a loss but I'm not sure about tax credits they are very different.

Nice new name :D

[tulip0803]

i went self employed near the end of the tax year

so for my tax credit renewal do i add my wages from employment to my income from minding = yearly income, or do i take off my expenses too which for minding is a MINUS figure due to start up costs

for example...

£12560 (employment) + £2690(minding income) -start up costs = £9678???

i really hope that makes sense and those figures are made up :laughing:

Yes - but it is easier to ring them and do it over the phone. You can then make sure that they actually take the loss into account. you don't have an income for childminding last year as you made a loss. You may be due some extra money if it takes you down to the next level. But you do need to estimate & tell them that your income for this year too IYSWIM. Might be better in another phone call so you don't confuse them

[Chatterbox Childcare]

i went self employed near the end of the tax year

so for my tax credit renewal do i add my wages from employment to my income from minding = yearly income, or do i take off my expenses too which for minding is a MINUS figure due to start up costs

for example...

£12560 (employment) + £2690(minding income) -start up costs = £9678???

i really hope that makes sense and those figures are made up :laughing:

I would do it the same as you have on your tax return. When you submitted it you would have a statement setting out the figures that you are taxed on and I believe this is the one that the tax credits will want.

I would have all your paperwork and figures to hand when you call them.