Child Tax Credit - Are You Eligible and How Much Can You Claim
Are You Eligible For The Child Tax Credit?
In the world today, raising children is sometimes hard, particularly if money is tight. Kids constantly need one thing or another, whether it be shoes or the newest video games. Figuring out how to find the funds can be impossible at times. However, there are government benefits available for low income and struggling households that may help to relieve the stress in situations like these.
One such benefit is the Child Tax Credit, which was created and intended in order to assist parents and caregivers of college students and school age children to make sure that the children will get what they need. This is very helpful to low income parents who have a child below the age of 16 or a young person still enrolled in school full-time..
This particular Tax Credit is based on the amount of children in your family and it also considers your total household income. In addition to receiving an overall tax credit, you can also claim a specified amount ofchild benefit for every child who is living in your care. You do not have to be related to the child or children, but you must be the primary carer and the children must reside in your home.
Claiming the Child Tax Credit is very easy. When you first apply, you'll have to get a claim pack. You will also need to provide confirmation of your identity, which can be as easy as providing your national insurance number. Once you are approved, your Child Tax Credit can be renewed by mail or telephone. This must be done annually and you will receive notification when you need to renew. It is critical to report any modifications to your situation including any changes in earnings and family size. If you do not report a change, you may need to pay back the tax credits you've received.
You can receive Child Tax Credits in numerous ways. You can either receive the child allowance weekly or monthly, and it can be deposited into any account that you indicate. The Child Tax Credit needs to be transferred to the primary caretaker's bank account and can come as a cheque, which will be mailed to the address indicated on your application. The child benefit can be claimed on top of the Working Tax Credit, a benefit entitlement if you or your spouse are working.
If you're denied these benefits, or don't agree with your tax credit calculation, you have to right to appeal against a tax credit decision. However, keep in mind that this has to be done within 30 days of the notification of denial.
Evan Felt is a content writer for http://www.uk-benefits.org who researches benefit and support programs available to UK citizens. Find important advice and information on child benefits, as well as UK grants, allowances and other benefits.