Taxation advise

R

Ronan2008

Registered User
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I have started my own company this year, I was unemployed from end of jan to may. The company is starting to get going and i am regeistered for VAT. I know that I must also pay tax on income in october. my query is however, because my tax liability will be small there is no chance of me using up all my credits this year.

Can I carry there forward to next year

or, would i be better transferring them to my wife who is full time employed.

I would appreciate any advice on this. thanks
 
You can't carry credits forward, but you can have them transferred to your wife or else wait until the end of the year and submit your tax return. Provided your wife has sufficient income to utilise some of your unused credits, you will get a tax refund.

Obviously, transferring the credits to your wife now results in you getting relief quicker, so give your tax office a call.
 
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