Claiming Your Tax Credit
claiming  tax credit

Claiming Tax Credit

When it comes to applying for any form of benefit may it be Tax credit or any other types of benefits, the question of „ when” would automatically arise. The good news regarding of the claiming of the tax Credits is, that one may apply actually before starting at a job. It’s enough to hold the paper that you are to be employed within a certain amount of time with the exact conditions which are written down and you can also start with the application process.

This is good news, because the normal application process for Tax Credits takes averagely about 3 weeks, therefore it’s wise to apply well on time. The application process can go online through the official website of the UK Tax Credit or also though an application form which can be acquired in any post offices or in the local tax bureaus throughout the United Kingdom.

According to the official information, one can apply for a tax credit if they surely know and have a paper documentation about their salary dropping up to 6 months before it actually happens. The amount of Working Tax credit: it is important to be aware that the amount is only a basic amount and every single applicant will be judged by their own circumstances. One can get the closest to the actual sum by using the online calculator on the governmental website of tax credits.

Let’s see a couple of basic sums to start up with:

Basic amount of working tax credit is GBP 1960 per year and a certain percentage of that is paid for the applicant every month.

Other basic Tax credits include the following:

The payment happens through wire transfer to either the applicant’s bank account or to a building society account. Applicants can choose to receive a certain sum on a weekly or on a 4 weekly basis. If applicant applies for a Tax Credit as a couple then the payment will happen to one bank account only.

The yearly payments are bound to last up until April, the end of fiscal year. It is essential that the applicant reports any changes that can affect the sum of the credit in any ways. This includes address changes, changes to family status and any other employment related changes.

You can find more information alongside the Tax Credit hotline number on the governmental website of the Working Tax Credit and UK Tax Credit. Check out your eligibility still today.