UK homebuyers may find it more difficult to get a mortgage, as lenders deal with a wide range of new regulations aimed at preventing lending to people more likely to default on their mortgages. The new regulations require homebuyers to take strict tests aimed at assessing their ability to cover all aspects of household spending….
If you are low income and work in the UK you may be eligible for the Working Tax Credit which is not taxable and anyone who works a certain number of hours either as a self employed person or an employee can claim this credit. It is one of two types of tax credits offered, the other one being the Child Tax Credit. Anyone who would like to estimate how much they will receive can use a Working Tax Credit Calculator to get a fairly close estimation.
You do not need to have dependent children to use the Work Tax Credit 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 Credits Calculator.
Working Family Tax Credit Calculator
Before using the Working Family Tax Credit Calculator you should determine if you work the required number of hours to claim the working credit. Basically, you can claim the Working Tax Credit if:
- 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 then you probably qualify for the credit and should take advantage of a Working Tax Credit Calculator to see how much you might be receiving. However, 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 the 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. Now you are ready to actually work with the Working Families Tax Credit Calculator.
Working & Child Tax Credit Calculator
A Working Family Tax Credit 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 Working Tax Credit 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 Child Tax Credit and an important part of the Working & Child Tax Credit Calculator.
If you have all the supporting documentation you need such your P60’s, using a Working Tax Credit 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.