Do You Qualify For The Child Tax Credit?
In the world today, raising a child is sometimes difficult, particularly when funds are tight. Children are constantly in need of one thing or another, whether it be the newest video game or clothing. Managing to find enough money can sometimes be next to impossible. However, there are that are available to struggling and low income households which will help to relieve the anxiety in circumstances like these.
One of these benefits is the Child Tax Credit, which was established in order to give aid to families and caregivers of university students and school age kids to ensure that children get what they need. This has proved to be very beneficial to low income households who have children below the age of 16 or a young person still going to school..
This particular Tax Credit is based upon the amount of children in your family and it also considers your total household earnings. As well as receiving an overall tax credit for the family, you can also claim a specified amount ofchild benefit for every child who lives in your house. You don't have to be related to the child or children, although you must be the primary caregiver and the children have to be living in your home.
Claiming the Child Tax Credit is extremely easy. When you apply initially, you will need to get a claim pack. You will also have to provide proof of who you are, which can simply be done by providing your national insurance number. Once you get approved, you can renew your Child Tax Credit by phone or mail. This is done every year and you will receive notification when it is time for you to renew. It's imperative to report changes in situation including any changes in household size and income. If you fail to report a change, you might be required to pay back the tax credits you've received.
You can receive Child Tax Credits in several different ways. You can either receive the child allowance on a weekly or monthly basis, and it can be placed in any bank account that you wish. The Child Tax Credit must be transferred to the main carer's bank account and can come as a cheque, mailed to the address that you indicated on your application. This child benefit can be claimed in addition to the Working Tax Credit, a government benefit if you or your spouse are employed.
If you don't get approved these benefits, or don't agree with your tax credit calculation, you can appeal against a tax credit decision. Keep in mind, however, that this has to be done within thirty days of the notification of denial.
