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Work And Child Tax Credit Guide For UK Citizens
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General Overview To Tax Credit:

Like most of the social assistance comes from the government, tax credit was created to financially aid UK residents. Fundamentally this kind of support is designed for people who receive lower than average income or people with children having insufficient income. At this moment there are two tax credit types: working tax credits and child tax credits. There are number of requirements to be met in order to receive the income boost, and it is crucial to know them all, otherwise you might be missing out. Other than the normal prerequisites the amount of the tax credit will be determined by your specific circumstances. 5th of April is the deadline if you wish to apply for the tax credit in 2012.

Tax Credit: How To Arrange A Claim For It:

You can contact the hot line and get all of the specifics for arranging a claim for tax credit or directly apply the form. If you are not meeting all of the requirements it is still advisable to apply as it is better to do it early than later. If you missed it out, you can apply again only on 6th of April the following year. Make arrangements for all of your paperwork well before applying, otherwise you will be facing quite a few problems.

How To Become Eligible For Tax Credit:

Naturally if you want to go for the working tax credit you must be currently employed. There are several conditions that make you eligible: if you are over 16 years old and you work for at least 16 hours with a child, if you are 16 or over and you work same amount of hours claiming the disability benefit, if you are 25 years old and you work minimum of 30 hours per week and if you are 50 years old or over and you recently started working after getting the benefits. If you wish to get the child tax credit then you must have at least one child and be over 16 years old. With the child tax credit the minimum income level must not be as low as with working tax credit so it is easier to get.

Tax Credit Calculator:

Figuring tax credit benefits is quite hard when done manually. Expect to get more if your income is lower, but that is not all to it that it is. Tax credit calculator is going to be invaluable in determining the total sum. Always being updated those tax credit calculators will show exactly how much you are going to get from tax credit in 2012 online.


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