[red star]

anyone know how to calculate your income for self employment for the tax credits assesment
my accountant cheeky f****er wants a bullseye to fill it in

[Lee GLS]

anyone know how to calculate your income for self employment for the tax credits assesment
my accountant cheeky f****er wants a bullseye to fill it in

It's the same figure that is on your tax return. Income minus expenses.

[red star]

havnt got it back yet trying to work out something as a estimate
what do i need

[Lee GLS]

An estimate of you income minus your expenses . That is the income figure you put on your tax credits application

[red star]

An estimate of you income minus your expenses . That is the income figure you put on your tax credits application

do you ddt the 20 percent tax from the income

[Lee GLS]

No.

[red star]

just one more if i spent 10 grand on tools / van etc do i ddt the whole lot or a percentage

[SunShineCleaning]

As far as I understand it, you put down the figure from your last set of accounts which you should have in paper form.

If the last set is not 2011-2012 then estimate your income.
You are better to under rather than over estimate untill you have the figures from your accountant on paper.

[red star]

im totally bloody lost i think even thou i spent about 10 grand he only claimed a percentage as a deduction and put the rest in the pot something about the equipment depreciating over 3 years

in the past my accountant as always done it and ive never really bothered paying much attention
i know the last time i looked i turned over about 40 / 45 grand  but the figure i think went on the tax credit form was around the 17 grand mark but i dont know how he arrived or got it down to that figure

[red star]

Got a copy of my return emailed over from the accountant he seems to have drastically underestimated my expense deductions even thou I gave him all my receipts. Can I resubmit to the inland revenUe otherwise the figure I put on the tax credits makes me look like I've earned far more than I really have in reality or do I just put a different figure on the tax credits and mark as estimate then go to a different accountant

[Darranvps]

For a guy who builds million pound homes seeking tax credits is totally crazy

[Mike #1]

I know one thing they should be firkin banned if you choose to have kids you should not get assistant .

my wife and i  could'nt get any help  when we were  was struggling a good few years back now they chuck money at you if you have kids , even if you have a household income of £45,000 firkin unreal .   MIKE

[Dave Willis]

You won't be getting any tax credits on that income.

[Paul Coleman]

I think the tax credits payments have recently been reduced a lot haven't they?

[spongebob]

For a guy who builds million pound homes seeking tax credits is totally crazy

Those were my first thoughts. What a huge billy bull sh***er we have here. Dont forget the cheap second hand tank he needs.
Probably be asking about rear spring load assisters for his mondeo hatchback next

[red star]

For a guy who builds million pound homes seeking tax credits is totally crazy

claim every penny you are entitled to with 3 kids you still get something

got any more photos muppet or given up before you get shut down

[red star]

As far as I understand it, you put down the figure from your last set of accounts which you should have in paper form.

If the last set is not 2011-2012 then estimate your income.
You are better to under rather than over estimate untill you have the figures from your accountant on paper.

sorted it today
the equipment is split over 3 years as it depreciates and a % is claimed back yearly
so  even though ive paid out initially  it takes 3 years to get back on your tax return i knew this was in place for vehicles but i didnt think it applied for small tools but you can claim the full amount back on the tax credits values submitted as it is a expense for that year to get your gross profit which will bring by bottom line down to a acceptable figure

[red star]

You won't be getting any tax credits on that income.
[/quote

still get child tax credit if you have children and 1 parent is working

[SunShineCleaning]

The figure on your Tax credits form need to be the same one that the Inland Revenue use for working out your tax.
So that would be the figure your accountant gave you.
The two are connected and eventually they will work it out if you are trying it on.

[red star]

thats correct
its my net profit - capital allowance

i was using the net profit and not deducting the capital allowance