Are You Meeting New HMRC Requirements for Working Tax Credits as a Self- Employed Person?
HM Revenue & Customs now require self-employed Working Tax Credit claimants to provide evidence that they are in a regular and organised trade, profession or vocation on a ‘commercial basis with a view to making a profit'. If you cannot provide HMRC with this, you won’t qualify for tax credits and may have to repay credits to which you are not entitled. The information HMRC can ask for includes:
A business plan (in the early stages of trading it may prove difficult to make a profit, but a plan should demonstrate to HMRC a commercial approach and how the business will become profitable)
Invoices for work undertaken and receipts for expenses
Records of sales and purchases
A cashflow forecast and profit projections
To help you prepare these documents, Enterprise Enfield is offering Self-employment Working Tax Credit Evidence Advice Sessions to evaluate your current business systems and book-keeping records to ensure that you meet HMRC requirements.
These one to one confidential sessions with our Business Adviser are charged at £25 + vat per hour.
Call 020 8443 5457 to book a session and make payment with your card (please mention the Working Tax Credit session when you call).