On The Money,Topical Issues

Does the taxman owe YOU money?17 Jun

Any household whose total income is less than £58,175 may be entitled to receive tax credits from HMRC.

The level of award will depend of a number of factors, but the MAXIMUM possible for a regular couple with 2 children would be made up as follows:-

Child allowance ( 2 x £2,235) £4,470

Family allowance 545

Basic Allowance 1,890

Couples allowance 1,860

> 30 hours work pw 775


Other contributory factors are if you have a disabled child, a new baby, or if you are paying for registered childcare.

The nearer your income is to the upper limit, the smaller the credit will be. For example, one of our clients whose combined income was just over £50,000 in the year to April 2009, is eligible for £529! Small beer maybe, or could be 100 small beers, depending on how you look at it.

The award for this year will be based on last year’s income. If you have previously been over the threshold and have not claimed in the past, you may now be eligible, due to any change in circumstances. But hurry! your claim for this year must be submitted before 6 July 2009.

If in doubt, check it out!! Give us a ring, or call the tax credits helpline directly on 0845 300 3900

2 Responses to “Does the taxman owe YOU money?”

  1. Nick

    I hadn’t even thought about this. Great advice which I will discuss with you.

  2. Aileen Major

    We will look at your individual case for the year just gone, but it might also be useful for tax planning in the coming year.

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