Johnny62

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.