working tax credit

[moneybaker]

Hi, what income figure will hmrc need for working tax credits? I know its before tax is taking out of the profit but what about before Expenses too? Will i just need to tell them the net profit before tax? Or before tax and expenses giving the whole total for the final year?

kind regards

 

[faradaykeynes]

It should be your taxable income
here is link for calculator
http://taxcredits.hmrc.gov.uk/Qualify/DIQHousehold.aspx

 

[moneybaker]

So if Bill made £15,000 in 2013 and took out £2000 for expenses then £13,000 is his taxable income and this the figure tax credits only needs to know?? Kind regards

 

[faradaykeynes]

If 15k is business income and 2k business expenses then 13k is business taxable income.

 

[moneybaker]

If 15k is business income and 2k business expenses then 13k is business taxable income.

Ok, it is only net profit i need to report to tax credits thanks kind regards

 

[petitionserver]

net profit for self employed and business income for employed