help with childcare costs for people who own business

[mumj18]

I am looking into starting my own business and the idea I have in mind wont make me a huge amount of money but hopefully as much as I could earn if I worked for someone else.

Am I still entitled to help with childcare costs if I work for myself?
If not there's no point in me doing it really as childcare will eat into all profits!
xx

 

[suzib76]

yes, self employed people have the same rights etc when it comes to tax credits

 

[mumj18]

Thanks hun xx

 

[aly888]

As above, you are still entitled to the same. The only difference will be the claim. As a self employed person you will need to declare your net profits (or losses, if there are any) each year. Also, if your partner is on a salary and you make a loss (especially in your first year) then you can deduct your losses from your partners income and that will be your joint earnings for that year. Ie, if your partner earns £20k/year but you had £8k loss, your "earnings" would be £12k for that year. If your losses had been in excess of £20k, your earnings would have been £0 and whatever extra losses you had (ie, if you had £28k losses you'd have £8k losses unaccounted for) can carry over to the following year So I suggest you keep on top of your costs to ensure you get all that you are entitled to and don't find yourself struggling for childcare