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Issue:
4479
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Categories:
Comment & Analysis
, high-income child benefit charge
, universal credit
, Income Tax
Basic rules for universal credit, and the complexities facing self-employed claimants
KEY POINTS
- Starting in pathfinder areas the universal credit is replacing claims to child tax credits and working tax credits.
- Many claimants may struggle to understand the “extremely complex” benefit.
- Complications include monthly assessment periods and calculation of net income.
- Should universal credit claimants pay their tax liabilities monthly?
- Will the minimum income floor penalise those in gainful self-employment?
Readers with self-employed clients claiming tax credits will have had to master perhaps reluctantly the complexities of child tax credit and working tax credit.
Universal credit (UC) is set to replace tax credits and some other welfare benefits; but any thoughts that this is likely to be simpler than tax credits or that it can be ignored altogether must be put to one side.
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