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*COVID-19 update: Many of our shops and offices are now open for face to face meetings with strict social distancing measures in place. We also offer telephone and video consultations for all new clients in order to discuss your needs. Find the latest COVID-19 information available for your business.

Tax Credits Available to the Self Employed

I started my own business recently after relocating my family to London. Will my Child Tax Credit & Working Tax Credit rates increase, as my cost of living has increased dramatically, and I am paying childcare for two small children so I need all the financial help that is available?

The rate of tax credits paid are fully dependent on your level of earnings, which means you wouldn’t receive an increase (or decrease) on the statutory rate depending on where in the country you live.

However, you did mention you are also incurring childcare expenses, which presumbably has increased in costs from your recent relocation. This increase may result in a greater payment of Working Tax Credit to meet the childcare costs for your two children, so ensure you let the Tax Credits helpline know that your circumstances have changed as soon as possible, as they will only backdate amounts for 3 months.

Council Tax Benefit may also be available, and we would recommend you check with your new local council, whether you meet certain criteria.

The Department of Work and Pensions produces information on a website www.direct.gov.uk which explains the claim process in more detail.

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Consultations available by telephone or video

0800 0523 555

Contact Us