working tax credits changes for self employed from 6th April 2016

[SXGuy]

Re: working tax credits changes for self employed from 6th April 2016

Guys. Without trying to sound funny. The profit you show on your accounts is nothing to do with how much money you have for yourself. If your really worried about it then reduce the expenses you show to raise your net profit. Let's not forget, if they are basing wtc on your net profit then that's one easy way to "improve" your position.

[Spent2much]

Re: working tax credits changes for self employed from 6th April 2016

I have been reading some replies to questions about what happens and this is one of the replies .

' I just had to verify my business by showing appointments book , receipts and my business card..and clarify the nature of my business '

So seems we will be okay

[Pixie]

Re: working tax credits changes for self employed from 6th April 2016

I have been reading some replies to questions about what happens and this is one of the replies .

' I just had to verify my business by showing appointments book , receipts and my business card..and clarify the nature of my business '

So seems we will be okay

I think SXGuy and myself have been saying that all along

As long as you're running a real business (which you are) then you should be alright.

[Spent2much]

Re: working tax credits changes for self employed from 6th April 2016

I think SXGuy and myself have been saying that all along

As long as you're running a real business (which you are) then you should be alright.

fingers crossed lol

[Pixie]

Re: working tax credits changes for self employed from 6th April 2016

Concentrate on your health and PIP application for now S2M

[Spent2much]

Re: working tax credits changes for self employed from 6th April 2016

Concentrate on your health and PIP application for now S2M

thats what i am going to do, off to the doctors this evening to ask him for a letter to ask for a home assessment as the thought of a meeting with others makes me too anxious xx

[Spent2much]

Re: working tax credits changes for self employed from 6th April 2016

it gets worse for self employed

https://word.office.live.com/wv/Word...eductions.docx

[SXGuy]

Re: working tax credits changes for self employed from 6th April 2016

This needs to stop. Someone needs to start a petition. Net profit of a business is after allowable expenses. It does not form part of an income in the real sense. Let's look at Ltd companies. Net profit remains property of the company. You would have to draw on it via wages or dividend. Self employed can't do that. That to me says they are discriminating against self employed

[Spent2much]

Re: working tax credits changes for self employed from 6th April 2016

it's causing self employed to lie all ways in my opinion .

[SXGuy]

Re: working tax credits changes for self employed from 6th April 2016

Of course. Sadly though you need to weigh up the benefit of wtc against any tax liability you would incurr due to raising net profit. Can't see that working.

[SXGuy]

Re: working tax credits changes for self employed from 6th April 2016

Angers me this does. Give you a working example of why it's unfair. Say your self employed and work from home. You claim mortgage interest which reduces your net profit. Dwp will take net profit to work out if you qualify for wtc. Now say you was employed, mortgage interest would be paid after your gross pay but dwp would assess you qualify based on gross pay. This is where I feel it's unfair. Allowable expenses may well reduce your tax liability however some expenses would be paid out regardless of employment type and to me that says they should not be included in the assessment.

[Spent2much]

Re: working tax credits changes for self employed from 6th April 2016

Angers me this does. Give you a working example of why it's unfair. Say your self employed and work from home. You claim mortgage interest which reduces your net profit. Dwp will take net profit to work out if you qualify for wtc. Now say you was employed, mortgage interest would be paid after your gross pay but dwp would assess you qualify based on gross pay. This is where I feel it's unfair. Allowable expenses may well reduce your tax liability however some expenses would be paid out regardless of employment type and to me that says they should not be included in the assessment.

Yes it angers me too ,this is what i read on our councils website

The approved recommendation also included:
Restricting the maximum level of entitlement to the rate of a Band B property;

We are band B , not sure how to take this any ideas ?

[Spent2much]

Re: working tax credits changes for self employed from 6th April 2016

Our house a semi with four bedrooms and two bathrooms no garage, the house joined to us is a three bed one bathroom with garage , we're Band B they're band A .

We're the first two semi's on the Road the rest are terraced houses, but i don't understand why ours in band B .

Recommendation(s)THAT:a) the following revisions to the CTR scheme be approved:i. reduce the maximum level of CTR subsidy from 84% to 80% for certainclaimants;ii. protect CTR at 84% where the claimant is in receipt of either severedisability premium or carers allowance, or households with a childunder the age of five;iii. a claimant who lives in a property above band C would have their CTRcapped at 80% of a band C equivalent property in their parish;iv. the amount of capital, excluding property, above which claimantscannot claim CTR be reduced from £16k to £6k andb) the revised CTR scheme is implemented for the financial years 2016/17 and2017/18.

[Enforcer]

Re: working tax credits changes for self employed from 6th April 2016

CTC 2033 2015-00.docLooks like Dept of work & pensions are now trying to re-claim working tax credits. Hope the attachment works.

[Spent2much]

Re: working tax credits changes for self employed from 6th April 2016

i can't open the attachment i don't have office and i can't afford to buy it , any chance of you copying it and posting it please Enforcer ?