.png)
.png)
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...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
