Claiming working tax credit
HMRC are reminding taxpayers that they may be able to claim the Working Tax Credit (WTC) and so benefit from additional cash payments. An online calculator is now available enabling anyone to quickly find out whether they are likely to be entitled to WTC – and by how much.
The Working Tax Credit is potentially available to taxpayers without children where they meet one of the following conditions:
– Aged over 25 and working at least 30 hours a week, or
– Aged at least 16 and qualify for an extra payment due to disability
– Aged over 50 and going back to work after being on benefit for at least 6 months.
Taxpayers WITH children are also entitled to claim WTC as long as the taxpayer works for at least 16 hours per week.
The qualifying lincome imits vary significantly depending on individual circumstances but, for example, a single person with no children earning up to £13,000 per year would usually qualify for the Working Tax Credit. HMRC’s latest news release on the subject also points out that the lowest claim rates are amongst the over 50’s and those who have suffered a recent fall in income.