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The new tax credits system is given a once-over by ROB DURRANT-WALKER
KEY POINTS
- A summary of the current tax credits system.
- The various elements of the universal credit.
- The monthly reporting of income requirement.
- A minimum income floor for self-employed people.
- A proportion of capital held will be deemed to be income.
his article takes an early look at universal credit the replacement for tax credits and for which the rates and thresholds were published in December 2012.
This also serves as a reminder about tax credits which will still run alongside the universal credit for some while.
Universal credits could be valuable to a client who has a depressed or fluctuating income and practices will need to think about whether it is commercial to advise on this area at all.
They may need to be mindful both of the...
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