Good Afternoon
My name is Sam
I am looking some information with regards to tax credits and being self employed.
I am currently employed and earning £17,500 per year.
I am a single mother of 2 (3 years and 7 years old).
I have a disability which I get PIP for and also receive Child Benefit. Currently I am getting working tax credit and child tax credit and receive a total of £746.98 per month
My questions are: I have decided to start a new business with a friend. It will be a 50/50 limited company my friend and I will be directors. I will receive my salary of £27000 per year from the company.
I want to know how this whole change will affect my tax credits? How much would I receive in working and child tax credits? And also how will I be taxed? as I will be receiving a salary and also be trading through my own limited company.
Say for instance I make a profit of £60000 per year through my company and I take salary of £27000. The remaining money will be split with my partner after expenses. How will this all affect my Tax credits? And what tax will I pay? How would this all work out if I was taking my salary monthly.
Any help would be appreciated.
Thanks Sam
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