Would I be entitled to tax credits

I am self employed and my accountant has filed my tax return for 2023/24. Due to making a large purchase which allowed for the Annual Investment Allowance to be used that brought my taxable profits for the year to just over £9,500. This subsequently meant that I had no tax liability for 2023/24 and I received a tax repayment for the payment on account that I made in January 2024. Is the figure of £9,500 what I would use when I receive my renewal pack for working tax credit? I obtained a loan for the purchase which obviously has to be paid back over a period of time, however I didn’t actually suffer any financial hardship and I can’t find a definitive answer anywhere as to whether I would be entitled or not. I don’t want to make a claim and receive payments if I’m not actually entitled to do so. Can you please advise on what I should do. Thanks in advance.

Hi Johnny62,
You would need to supply the profits declared on the Self-Assessment, if £9,500 was declared on the Self-Assessment then this is the figure you should use.
Thank you.

Hi team, Sorry posting this question here I did not found another topic that coincides with the problem. My husband moved to the Uk in April 2024. He asked for pre settlement status and is waiting for a response. Was given a certificate of application which gives him the right to work, rent, getting benefits etc. He applied for insurance number and they denied it. It’s been two months and his income is around £500 working for a cleaning company. He has finally found a full time job and will be paid 13.30 per hour. We are concerned that he is going to be on a emergency tax? Should we re apply for insurance number? I read that the first 12,500 are not taxed so would that mean he is not going to be taxed on this new income for one year? Thank you!

For your Working Tax Credit renewal, you'll need to use your actual taxable profits for the year, which in your case is £9,500. The Working Tax Credit is based on your income, so this figure will be relevant. The loan you took out for the purchase doesn’t affect your income for tax credit purposes—it’s considered a separate financial matter. To ensure you’re correctly interpreting the guidelines and making an accurate claim, it’s a good idea to consult the latest guidance on the HMRC website or speak directly with a tax credit advisor. They can provide specific advice based on your circumstances. It’s always better to clarify to avoid any issues later on.