Tax Credits Help??

[LT7882]

My friend & I are currently thinking about setting up a business but can't seem to find any answers with regards to Tax Credits. We are both stay at home mums with 2 kids whose husbands work. Our husbands receive a tiny amount of working tax credits & also child tax credits. If we tell them we are self employed would we receive WTC & how would this affect the CTC. Until we are making any money then obviously we cannot afford to lose any money from CTC.
My head is spinning please can anyone help???

Thanks Leah

 

[ethical PR]

Have you tried using the tax credit online calculator or phoning the helpline?

 

[LT7882]

Thanks for your reply. Yes but because I can't put a figure of earnings in I'm stumped.

 

[Scalloway]

As far as I am aware you only update your income details for tax credits each year after you have your total earnings to hand. At that point you will either have overpaid or received less than you are due. I would inform them of your change in circumstances but tell them that you will have zero income.

 

[LT7882]

Thank u, will give them a call.

 

[Dale-smith]

Sorry but am I to understand that if I'm self employed and have a v small or zero income and meet the criteria for receiving tax credits I can claim ?

 

[JohnJones]

I phoned the tax credits when I setup my LTD company. they asked how many hours a week I worked and what my pay is

I said I have no idea because I may not even be able to take a wage for the first couple of months, but they said I had to give them a figure regardless whether I took the money or not
I told them I want to be able to pay enough for NI contributions which I put at 700 per month. So this is the figure I gave them and they worked out how much I should get