Tax Credits - Who Qualifies?
You may be eligible for tax credits if you fit into the following criteria:
- If you are responsible for at least one child or young person who normally lives with you, you may qualify for Child Tax Credit.
- If you work, but earn low wages, you may qualify for Working Tax Credit.
In both cases the amount of your claim will depend on your income.
As always there is a minefield of small print to negotiate before you can establish if you have a valid claim.
Generally speaking you may qualify for some element of tax credit if the following circumstances apply:
- You will need to live and work in the UK
- Be aged 16 years or over
- If you don't have children and you are under 25, you probably don't qualify for tax credits unless your partner is 25 or over and they normally work over 30 hours a week.
Your household income must not exceed £58,000 per year. Household income means money you (and your partner if you have one) have coming in each year including:
- your wages and benefits from employment
- any earnings from self-employment
- any interest on savings and investments you have
- some, but not all, state benefits
- pensions
- money from abroad
- money from property you own, e.g. rent
It does not include money that other members of your household have coming in.
If your income starts to fall as a result of the current slow-down you may become eligible to claim tax credits. Contact us if you feel this is the case.