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Tax representative bodies are concerned about the draft Universal Credit regulations. MIKE TRUMAN reports
KEY POINTS
- Universal Credit requires monthly reporting on a cash basis for the self-employed.
- Draft rules do not tie in with the recent HMRC proposals for a cash basis.
- Deficits in one month cannot be carried forward to the next.
- Possibilities for creating benefit entitlements where none should be due.
Many advisers will recently have provided those of their clients who claim tax credits with an estimate of their self-employed income for the 2011/12 tax year knowing that they do not have to provide the final figure until 31 January 2013 the same deadline as completing the tax return for the year.
That is a sensible example of joined-up thinking aided by the fact that tax credits are handled by HMRC.
However in October 2013 tax credits – plus housing benefit...
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