Tax Credits - Self Employed

[lindseymw]

Does anyone claim tax credits and are self-employed?

My DH was made redundant in December 2015. Due to lack of jobs and having to compete with the 4000+ that were made redundant at the same time, we made the decision for him to set up as a self-employed Electrician (sole trader.) The business will be completely set up by the end of the month.

I work 18 hours per week on min wage and DH is hoping to be working full time but this will depend on how much work is about.

I am looking to see if we could claim tax credits. Tried the helpline but they were much use as I couldn't really give them an estimate for his earnings...since we have no idea how much work he'll get.

Based on this current year (2015-2016) we are not entitled to tax credits as he earned over the threshold prior to being made redundant so would have make a claim after April 5th and go down the route that our income will be drastically lower.

How on earth do you estimate your earnings as a sole trader? I don't want to end up under-estimating it and having a big bill from HMRC!

 

[suzib76]

I'm self employed but with a rough idea of how much I will earn so just give an estimate.

 

[mum140381]

just give them an estimate and then update them every few moths if he is earning more or less x