hi, can anyone help? I've been in receipt of child tax credits since my husband died quite recently and have a lot to learn.
At work (I am a director of a small company) I am having to consider a 'payment holiday' due to cashflow issues (which will of course hopefully be temporary.) I don't understand how this will affect tax credits next year. I thought that I would be able to get more money through tax credits due to lowered income, stating I have been working but including my details of lower pay due to said payment holiday (likely to be a number of months.) However, a friend has suggested this would have an adverse effect and I would get less as I won't have been paying tax through not being paid for those months.
are they right?
I'm sorry if this is a naive question but it has been hard for me to get my head round various financial aspects of my bereavement - the stress can be overwhelming -- bit of a vicious circle and contributing to me needing to consider a 'payment holiday' in the first place. .
Thanks to anyone who can put me straight.
At work (I am a director of a small company) I am having to consider a 'payment holiday' due to cashflow issues (which will of course hopefully be temporary.) I don't understand how this will affect tax credits next year. I thought that I would be able to get more money through tax credits due to lowered income, stating I have been working but including my details of lower pay due to said payment holiday (likely to be a number of months.) However, a friend has suggested this would have an adverse effect and I would get less as I won't have been paying tax through not being paid for those months.
are they right?
I'm sorry if this is a naive question but it has been hard for me to get my head round various financial aspects of my bereavement - the stress can be overwhelming -- bit of a vicious circle and contributing to me needing to consider a 'payment holiday' in the first place. .
Thanks to anyone who can put me straight.