tax credit final amount ?

[nelly]

very stuck again, have got to send of my tax credit renewal and im confused because i haven't done my tax return yet and its my first year to do one, so am i best to do my accounts then tell tax credit what my earnings were for the year because i have to take of my expenditures off first don't i then they have that figure dont they ??????.please please help

sorry if this is confusing xx

[tulip0803]

Yes the figure you give tax credits is the amount that you have after 10% wear and tear and all expences is taken off. It is best if you are able to give the correct figure.

However you can give them an estimate if you are unsure but they will want the correct figure by Jan. If you underestimate you could be over paid and owe them money back, if you over estimate they will owe you money IYSWIM.

[Chatterbox Childcare]

Take your income less 10% of it for wear and tear and then take off your expenses = earnings or loss for the year and this is what TC needs

[Zoomie]

the updating of tax credits is what motivates me to finish my account and do my tax return.

deadlines are the bain (?) of my life