Tuesday, 5 October 2010

Are you in business and losing out?

Could you be claiming tax credits and you don’t know it?

In my experience many business owners are losing out on tax credits.

Tax credits aren’t only just for people with children, what people know as family tax credits.

Tax credits are also for people on low income without children; these are known as working tax credits and are for people in work.

For example, you could be losing money in your business and therefore have no taxable income for tax credit purposes and possibly therefore be eligible for maximum tax credits or simply have a large drop in profits to a point where you are eligible for some working tax credits. We come across this situation all the time.

Another situation is where you have just started up in business and invested a lot of your own money in the business. This is very likely to be all allowable as a cost for tax credits purposes and is likely to generate a loss and therefore nil income for tax credits purposes.

In both the above cases you could be entitled to maximum tax credits (for a couple this could be nearly £4,800, where your partner has very low income).

Are you losing out? Get in touch if:
  1. You have a very large drop in business income so that you are either making losses or very low profits, or
  2. You have just started up in business and have invested a lot of money in the business

We may be able to help you generate more income for you and your business.

Want to know more?
Contact Jan on 07890 239442


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