ARE YOU ENTITLED TO TAX CREDITS?
Lots of accountants say they won’t advise on Tax Credits because they “don’t advise on benefits“. Tax Credits aren’t benefits. Tax Credits are the part of the tax system that puts extra money in your bank account.
A lot of tax advice can be absolutely correct, unless you get Tax Credits. Then it could be 100% wrong! If your accountant “doesn’t do Tax Credits” then you could potentially lose thousands of pounds.
We consider the Tax Credits status of all of our clients.
Tax Credits aren’t just a top-up for low earning families or workers. With careful planning you could benefit from these awards.
Do any of these apply to you?
- Do you have any children?
- Are your earnings below £26,000 (possibly up to £50,000 if you have several children)?
- Are you considering a large capital equipment purchase?
- Have you recently incorporated or are you thinking about it?
- Have your business profits fallen or do you expect them to fall?
- Are you paying a pension contribution?
If you have answered YES to any of the above, then you may be eligible for Tax Credits.
Even if you answered NO, it may still be worth making a claim.
Why claim when you aren’t eligible?
When you make a claim for tax credits, any payments you are entitled to can only be backdated by up to a maximum of one month. However, by claiming early, that is before you think you might be able to get any tax credits, any future award can be maximised.
Are you expecting your income to fall?
If you are expecting your income to fall, you should make a tax credit claim preferable by the start of the tax year (6th April ) or 6 May at the absolute latest, to ensure your claim is protected for the whole of the tax year.
Time is important and therefore please do not delay in contacting us today to see whether you are eligible to make a Tax Credit Claim.