What could your family be entitled to?
The 31st July deadline for submitting your Tax Credit claims is fast approaching and if you don’t, the Tax Credit Office will stop your tax credits payments. However, all is not lost as you have a statutory right to backdate a claim by up to 31 days; so you effectively have until 31st August to submit your claim, but that is it!
With rising short-timing working and the earnings of most self-employed people going down, you know times must be bad for Tax Credits to be reduced. Currently this benefit — worth £20.30 per week for the first child and £13.40 for each subsequent child, is to continue, but the eligibility rules have been tightened. Prior to April 2012, you could claim some Child Tax Credit, as long as your income did not exceed £41,300; however from 6th April 2012 this limit has been reduced for most people. For example, you will not get Child Tax Credit from 6th April 2012 if you have one child, with annual income more than £26,000 and if you have two children, the limit is £32,200.
To find out much you are entitled to please contact us or use the HMRC’s Tax Credit Calculator it’s very helpful
David Jones is the Senior Partner and Founder of Morgan Jones & Company. Born in Liverpool and an Accountancy graduate of the University of Wolverhampton, David spent twenty years working for the Customs & Excise in London then Shrewsbury before starting his own business. David's depth of knowledge of the UK tax system and his ability to communicate this learning has seen Morgan Jones & Company grow into Shropshire's most respected Accountancy Practice.
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