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Tax Credits – Working and Child Tax Credits

This is a service that we primarily offer to our existing clients. Most people are unaware that they can claim working tax credits and child tax credits. Tax credits are social security benefits and may apply to you if, for example, you might have incurred business losses in a particular year. The system for claiming tax credits is complicated. Completing the form requires information that many find confusing at first glance.

For our existing clients, who are already taking advantage of our Accounts Preparation and Tax Returns service, we already possess much of the required information to complete the Tax Credit application. The only additional information that we may require is the details of your working hours and the income and working hours of your spouse or partner unless of course they are already our clients. We will look after all the administration and any further communication with HMRC.

For those who are not already our clients, we will need details of all their income, plus other details mentioned in the paragraph above.

Once you start receiving tax credits, you will need to inform HMRC whenever your circumstances change in a way that may effect the benefit. Failure to do so, will result in HMRC demanding a return of previously paid tax credit. We can help you in determining whether a change in your circumstances  warrants informing HMRC and, if so, we will inform them on your behalf so that you do not have to find money to refund HMRC if the change means that your benefit is reduced. Of course, in many cases you may find that a change in circumstances may increase your tax credit payments.

You can of course find out about whether you are eligible for tax credits through HMRC website. Please note that currently you cannot apply for tax credits on-line. You will have to call them to request a form for completion.