Benefits And Tax Credits
UK tax benefits are either taxed or non-taxed. One that’s considered a benefit is tax credit. There are two categories of benefits and tax credits—working tax and child tax credits. You can claim either one of the categories or both, according to your situation.
Working tax credit (WTC) is for those who earn under the low-income bracket or are employees, whether working in a company or for themselves (self-employed). To be eligible for WTC, certain criteria have to be met, such that you are over the age of 16, reside in the UK, and you are not under immigration control laws.
Child Tax Credit (CTC) is for those who have children and not necessarily employed. Just as WTC, you will also need to meet government criteria. You may be eligible to get CTC when you are at the age beyond 16, qualified UK resident, and taking charge of an eligible child or young individual.
Why Hire Us?
Tax credits will soon be taking a new form—Universal Credit—which is already implemented in most parts of the country. With this change, you will be requesting Universal Credit, otherwise known as pension credit, rather than the traditional way of claiming benefits and tax credits.
The transfer can be most crucial. This is because reimbursement gaps will be very prevalent, especially during the first move. Where tax credits end, it might not continue to the Universal Credit. To ease your anxiety regarding the gap brought by the transfer, Legend Financial is here to assist you every step of the way.
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Let us help you calculate the tax credits you’ll get depending on various factors. Legend Financial provides this service and more at the right price. Ask us today for a quote.