Guide To Tax Credit:

Like most of the social assistance comes from the government, tax credit was created to financially aid UK residents. Main focus of it is to help those residents who are earning low average or minimal salary or have a child to take care of. At this moment there are two tax credit types: working tax credits and child tax credits. There are number of requirements to be met in order to receive the income boost, and it is crucial to know them all, otherwise you might be missing out. Other than the normal prerequisites the amount of the tax credit will be determined by your specific circumstances. Just keep in mind that tax credit in 2012 must be applied by the 5th of April.

Qualifying For The Tax Credit:

Naturally if you want to go for the working tax credit you must be currently employed. There are several conditions that make you eligible: if you are over 16 years old and you work for at least 16 hours with a child, if you are 16 or over and you work same amount of hours claiming the disability benefit, if you are 25 years old and you work minimum of 30 hours per week and if you are 50 years old or over and you recently started working after getting the benefits. With the child tax credit you have to be 16 or over and have at least one child and you receive more benefit for more children. Fortunately with the child tax credit you don't have to have an income extremely low in order to receive it.

Tax Credit Calculator:

Most of the time eligible workers cannot figure out what is the tax credit amount. The less you earn the bigger are the benefits, however it is not as simple as that. If you really need to get certain amount, use the tax credit calculator. Tax credit calculators are freely available online and are updated frequently so you know the amount of tax credit in 2012 and any consecutive year.

Tax Credit: How To Arrange A Claim For It:

In order to arrange a claim for the tax credit you must contact the credit help line and fill out the specific form. Attempt to apply for it; otherwise you might miss the whole year, hence do it even if you think that the application will not go through. If you missed it out, you can apply again only on 6th of April the following year. Look through all of the paperwork that you require and sort them out before applying for the tax credit.