Get Clued up on Tax Credits

With the down turn in the economy grinding on this year, it’s essential to know what government tax credits you are eligible for from the UK government. Each year, hundreds of millions of pounds worth of benefits and tax credits go unclaimed. A tiny piece of that money may well have been set aside for you, if only you understood you were entitled to it. Whether it’s a working tax credit, child tax credit or family tax credit, it’s wise to do your preparation and find out what kind of tax credits you are eligible for.

A good place to start is by going to the the Inland Revenue website : taxcredits.inlandrevenue.gov.uk. On this website you can get information on what tax credits are available to you, and how you can apply .

It’s important to say that the method in which such benefits are computed are frequently rather involved, so it’s a wise move to phone the inland revenue and chat with a representative there, and state your particular living and working situation. That way the inland revenue can determine whether you are entitled to certain benefits/tax credits or not - as the forms you must fill in can be rather long to complete.

Not only is it essential to understand what benefits you may be eligible for, but you may think of a family member or a friend who may be entitled to such a tax credit/benefit.