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My accountant has recommended I contact you.
I am 66 years old and retired from full time employment in Dec '14.
I set up my own Ltd Co to allow me to do some Part Time Consultancy and started trading in May '15 and in this tax year will have a revenue net of VAT of circa £23K and will have circa £15K/16K cash available in the business by end March.
I started to draw my state pension in Aug '15 but none of my occupational pensions.
I am the sole director of a Limited company that entered a MVL on 30 October. Our accounting reference date is 31 December. Accounts have been submitted to Companies House and HMRC for the year to 31/12/14 (where we made a loss).
In May this year I cashed in a poorly performing pension as I needed the cash for, amongst other things, some investment in my business. This has now been treated as income by HMRC and has (seriously) affected my tax credits. Any thoughts? Anything I cana do?