Highlights To Gear Up For The Tax Season And Your Finances

Tax Credits and Requirements for All Who Qualify

14:33 27 March 2013

You only need to file a tax return if you are currently self-employed, whether it is a contract position or a business you run. You may, however, want to file a return if you can claim credits and get money in your pocket or if you work and do side contracting jobs.

 

Some of the ways you can get a tax credit are if you are working but are technically disabled. 

 

• If you have any children or dependents you should definitely file a tax return since you can get a credit.

 

• You can also get a credit if you are working, but are struggling due to a lower income. 

 

• These credits are called Child Tax Credit, Working Disabled Credit and the Low Income Worker Credit. 

 

The Child Tax Credit has many different components to it including specifics for children with disabilities, childcare expenses, and a few other key elements.  The amount of this tax credit varies depending on the number of hours you work, whether or not you reside with someone else, and if you or the person you reside with is considered disabled.

 

The Working Disabled Credit has specific guidelines you must adhere to in order to claim any benefit.  These include working at least 16 hours a week, and proof that you are having difficulty finding employment due to your disability. You should be receiving or should receive a disability related benefit, or in specific cases a National Insurance credit can be substituted.

 

The Low Income Worker tax credit is for those without dependents. In order to qualify, you must meet certain requirements. People 25 years old up until age 59, must work at least 30 hours per week. Disabled people aged 16 and over, and people aged 60 and over must work at least 16 hours per week.

 

So, if you meet any of these requirements do not hesitate to apply for these benefits. If you do not meet these requirements, your application will most likely be denied.