Hi I have not posted in a while. Hope everyone is well!
I may of not mentioned this a while back. I have a back problem and cannot sit long at a computer or go about standing tasks for that long either. I am attempting to grow plants and sell them on a tiny scale ( that I did say a while back). Any way I was considering trying to go onto working tax credit. I know you have to work 16 hours at least and am aware of all the ins and outs.
The link icon is greyed out in the posting form. This is the web address with which I am confused-
http://www.ion.icaew.com/TaxFaculty/21606 Read on before looking if thats okay-
A person in a benefits forum when we were talking about a subject said that there might be a restriction with working tax credit and you may have to earn or make a profit of 5,000 pounds per year in the future to claim working tax credit.
Note in the above link it talks about this-
Income disregard: From 6 April 2013 the income disregard will reduce again, from £10,000 to £5,000.
The rest of the linked page would need reading to bring context but I was wondering if this is connected to the false information the chap 'seemed' to be saying in the benefit forum. Most likely I misinterpretted him and its me who did not understand.
Another related question- Can a business earn very small profits over a long period eg £2000 per year. ( I am hoping to make more but with my health it's challenging ).
The main question that I cannot seem to find an answer on is the tax credit questions. I have looked all over the net and asked various different forums what this mystery £5000 means. Did the chap mean it was to do with the income disregard ?
I believe the "income disregard" is for when you estimate your gross earnings and they go above your estimate which would, obviously, reduce the amount of working tax credit to which you would be entitled. If you are married or living with a partner who is working, their earnings are also taken into account for working tax credits. HTH
Okay thought so thanks very much. Its a pity I don't no any answers to the rest of the things. I suppose its unlikely that the government would stop your tax credit earlier or later if you were not making a profit of £ 5000 as that would make little sense. If someone could elighten me further that would be useful. Thanks.
The above was not meant to be in bold cannot change this for some reason.
