Working Tax Credit Advice for Sole Traders
The Hollies Bookkeeping Services provides working Tax Credit advice for Sole Traders working very closely with their sole trader clients to complete their previous year accounts, to ascertain their income, which in turn will determine as to whether or not they are able to claim Working Tax credits.
If you are self employed, and earning a low income, you may be able to claim Working Tax Credits. To allow The Hollies Bookkeeping Services to help you with your Tax Credits claim, you will need you to provide us with full income and expenditure records to enable us to prepare your accounts. We will also need any details of any employed work that you may also do. What you are entitled to claim with Working Tax Credits will usually depend on your income from the previous year. Income includes: pay from employed work, employee benefits, some state benefits, money from pensions, interest on any savings you may have and any income from your partner.
A new claim for Tax Credits can be made at any time in the year, and can sometimes be backdated by up to one month before the start date of your claim. You will need to renew your Tax Credits claim every years, with the deadline being 31st July. A renewal form will be sent to you by HMRC, for you to complete and return to them, either by post or by renewing online. Your eligibility for Tax Credits will depend on how many hours of paid work you do each week. Your financial circumstances will also affect how much you are able to claim.
For a Tax Credits claim to be accepted, there is a minimum number of hours each week that you must work. details of these can be found on the HMRC website, any work must last at least four weeks, and must be paid work. New claims for Tax Credits can take up to five weeks to process. You will be able to claim up to seven days before starting new, paid work.
Please do not hesitate to call or email The Hollies Bookkeeping Service for working Tax Credit Advice for Sole Traders.