daisyflower
21st July 2010, 20:02
Hi
hope someone can help...
hubby and I are directors of our own ltd company and are trying to work out whether we should be taking out money from the company this year or leave it to next year...
Last year we had a really bad year, so we earn't high working tax credits which we are still getting - though we may possibly have to pay them back - depending on if we hit the £25,000 difference in income level.
next year hubbys pension matures from when he worked in local government
He is down to receive £24,000 as a lump sum, and a monthly amount
We are a bit confused about the £24k
can anyone answer this questions....
1) £24,000 - is this classed as income - would he need to declare this to tax credits people
we know that his pension income is taxable - its just the lump sum that is confusing us
thanks
Daisy
hope someone can help...
hubby and I are directors of our own ltd company and are trying to work out whether we should be taking out money from the company this year or leave it to next year...
Last year we had a really bad year, so we earn't high working tax credits which we are still getting - though we may possibly have to pay them back - depending on if we hit the £25,000 difference in income level.
next year hubbys pension matures from when he worked in local government
He is down to receive £24,000 as a lump sum, and a monthly amount
We are a bit confused about the £24k
can anyone answer this questions....
1) £24,000 - is this classed as income - would he need to declare this to tax credits people
we know that his pension income is taxable - its just the lump sum that is confusing us
thanks
Daisy