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Working and Family Tax Credits

If your business profits as a sole trader, or salary and dividend from a personal from working though a company  – combined with any jobs or other sources of income – are below the prescribed limits you may be able to claim Tax Credits to top your income up.

Principally:

  • Child Tax Credit helping you with the cost of raising a family,
  • Working Tax Credit topping up low income from work (employed or self employed)

HMRC’s guide is at:  https://www.gov.uk/benefits-credits/tax-credits

The amount you can claim depends on income, family and personal circumstances.  Its best to use the calculator on HMRCs website, link above, and put your details in.

http://www.entitledto.co.uk/benefits-calculator/ is also very useful for Tax Credits.

Tax Credits are being phased out in favour of Universal Credit over coming years – the rates should be the same as Tax Credits, but the administration is different.

Alas these benefits are not straightforward, and some perseverance may be needed.