If you do make losses or have reduced profits not only have you the benefit of saving tax and national insurance but you also have the advantage of receiving tax credits from the revenue.
Working tax credits
If your profits are very low or you are making losses you could claim working tax credits. This is a great way to get money from HMRC especially in those hard times.
Children’s tax credits
In addition to working tax credit if you’ve got children you will receive children’s tax credits. Even if you’ve got a fairly good profit you could still receive substantial children’s tax credit although this will depend on your spouse’s income too.
Get in touch today for more information or email our offices in Bangor.