If you are low income and work in the UK, you may be eligible for the working tax credits; money that is not taxable. Anyone who works a certain number of hours either as a self-employed person or an employee can claim this credit from the government.
There are two types of tax credits offered, the other one being the child tax credits. Anyone who would like to estimate how much they will receive can use a working tax calculator to get a fairly close estimation.
You do not need to have dependent children to use the calculator, but you do need to qualify in terms of age, the amount of income you make, the number of hours you work and of course it has to be paid work.
On the HMRC website you can find the information you need to see if you are eligible before using a working tax calculator.
Family Tax Credit Calculator
Before using this tool, you should determine if you work the required number of hours to claim the working credit. Basically, you can claim working tax credit if you are:
- 25 or older and work a minimum of 30 hours per week
- 16 or older with a disability and working a minimum of 16 hours per week
- 50 or older immediately returning to work after being paid benefits; must work a minimum of 16 hours per week
- 60 or older with paid employment working a minimum of 16 hours per week
If you meet the above criteria, it’s likely that you will qualify for the credit and a calculator can be used to see how much you might be receiving. However, it’s important to remember that you must be working at the time you make your claim, or beginning a paid job within the coming seven days or you are not eligible to claim.
Once you have determined that you are eligible to claim working tax credit, have your P60 as well as your spouse’s P60 on hand along with the information on any benefits you may be claiming or benefits which have just ended.
Working Family Tax Credits
A working family tax calculator is actually a software programme which is extremely easy to use. You can find them online and the entire process only takes a few minutes to come up with a fairly close approximation on how much you will be receiving. You will be asked a series of questions and all you need to do is fill in the blanks or click on the radio buttons, sometimes referred to as option (yes or no) buttons.
For example, the first page of a family working tax calculator will usually begin asking you questions such as whether or not you have a partner/spouse and if you have any children under the age of 20. This page will likely ask whether or not you or anyone in the household has disabilities. In other words, the first bit is about qualification for the either of the tax credit schemes that are currently in operation.
If you have all the supporting documentation that you need such your P60’s, using a working tax credits calculator couldn’t be easier! You can find them online and within moments you will know about what you will be receiving. The hardest part for most people is gathering all the information they need before they start. Once that is accomplished, simply answer the questions as you go through the screens and that’s all there is to it.