Hot Tips to Guide You While Preparing Your Tax Returns

Information required before filing tax returns

15:27 20 March 2013

If you have a family, chances are that you probably file a personal tax return in the hope of getting money back each year. If you have children, a spouse who works or you both work, what should you look out for and what will help you out during tax deadlines?

 

Read this article to get information pertinent to your family situation while preparing for tax returns.

 

The government is unclear about what the maximum amount of a married couple’s allowance is. However, it clearly states the minimum married couples allowance is £2,160. This differs compared to the individual tax allowance of £8,105.

 

There are a few tax credits that can help you. Make sure you check your tax form when it comes to the child tax credit. This credit gives you a tax break for your children.

 

It encompasses child care, disability of the child or the parent, and a severely disabled child credit limit as well.  The child care credit actually comes from the working tax credit, so be sure to file for both of these credits when preparing for tax returns. 

 

The amount you can get back, or the amount you can reduce your debt to the government, varies. This relates to whether you have a child and no disabilities or child care because you have a stay-at-home parent. Then the amount is £3,235.

 

The maximum amount for both the working credit and child credit is £7,375. This does not count the weekly reimbursements for child care, which is £300.