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tax credits, income n loss from self employed

(2 Posts)
MiniJimmy79 Tue 11-Apr-17 21:52:01

Can any help...? I'm self employed n had fair amount of expenses, and making my income a loss of £4k, I claim taxable benefit of £1.5k and my partner works 16hrs a week, with approximately income of £6.5k, total income £8k. Can I take into account my £4k loss against any of my n my partners income, has we claim as a couple n have 2 children, any help would be appreciated

delilahbucket Wed 12-Apr-17 08:24:48

You can't claim as a couple, but the loss can be offset against your taxable benefit. I believe you can carry forward any losses and offset them next year instead. This is only against tax though and neither of you will be paying any of that with those earnings.
With regard to tax credits, warning that amount you will already be getting the maximum tax credits. You cannot get anymore. Just bear in mind that tax credits don't like self employed people earning less than minimum wage after a business has been running for two years or more. If you are, expect to have your accounts looked at by them and you will have to prove your working hours.

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