Tax Credit is a beneficial system in itself, which has been devised to either provide help for those who work but cannot sustain a normal living condition and for those who have the custody of one or more children. There are however tons of other benefits which someone can apply for and also there are many benefits which may affect the amount of Tax Credit an applicant is to receive. Let’s get to see a couple of these benefits and how they affect the amount of Tax Credit, be it working tax credit or child tax credit.
It’s essential to know that as the whole credit system will be part of the Universal Credit system from March 2017, anyone who has been found eligible to receive Universal Credit, will automatically fail to receive any other tax credit.
Let’s get to see some of the most important benefits which are affected when it comes to also receiving Working Tax Credit:
If someone has been found eligible for any of the Tax credits, they can apply for further support too. Not many know about these options therefore it’s useful to enlist some of them below:
When it comes to any other benefits, applicants have to bear in mind, that there is a long list of other types of benefits which actually do count as an income, therefore they will play a substantial role in counting the whole amount of tax credit one is to receive. Applicants need to obtain all information with respect to the sorts and types of benefits they are or they are to receive to make sure they will have a positive effect on their further tax credit payments. It’s essential to know that once someone or someone’s spouse has been approved in the Universal Credit System, they will automatically become illegible for getting Working or Child tax credit.
Check out the governmental website for more information on tax credits and other benefits you might be eligible for apart from the tax credit system.