Hi,
My partner has his own limited company. I have been declaring his income in the self employment section on the tax credit forms.
Except now I've realised his income is actually split between dividends from the company and payment as an employee of the company.
So not self employed income in the strictest sense.
So say for example he made 25,000 last year, I've put that figure as a whole into the self employment income box but it should have actually been 5000 dividends and 20,000 income from employment (PAYE).
So I have put the right amount of income on the form but in the wrong place - I feel like a massive idiot as I should have realised this was not right.
We are in the second year of a claim so I've written a letter with the details for the years we've been claiming but does anyone know what will happen?
There will be no overpayment as the household income details are accurate but will I be "in trouble" for filling the forms out incorrectly not just once but for two years?!
Any advice please... Thank you