Universal Tax Credits Part Two

How is Universal Tax credits worked out? In our recent article we gave you a run down on universal credits; we explained what it would be replacing, and the importance of informing HMRC of changes. Now we will look at how universal credits are worked out if you re self employed. How will your payments be worked out? If you have been self-employed for 12 months or more, the DWP will work out your payments based on the minimum income floor. How your minimum floor is level calculated? HMRC take the number of hours you are expected to work each week, (up to 35 hours) dependent on personal circumstances. This figure is then multiplied by the relevant national minimum wage (NMW)… [Read more]

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