Child Tax Credit - Are You Eligible And How Much Can You Claim

By Author: Evan Felt
Total Articles: 15
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Are You Eligible For The Child Tax Credit?

In our hectic world today, raising a child can often be hard, particularly when funding is scarce. Kids are always in need of something, whether it's new shoes or the newest video games. Managing to find enough cash can be impossible at times. However, there are government benefits that are available to low income and struggling households which may help relieve the stress in circumstances like these.

One such benefit is the Child Tax Credit, which was created and intended to lend a helping hand to families and caregivers of school age children and college students to ensure that the children can have all of the things they need. This can be very beneficial to low income families that have children below the age of sixteen or a young person still going to school..

The Child Tax Credit is based upon the amount of children in your family and also considers your household earnings. As well as getting a tax credit for the family, you can claim a specific amount ofchild benefit for each child who lives in your home. It isn't ...
... necessary to be related to the child or children, but you must be the primary caregiver and the children must live full time under your roof.

Claiming the Child Tax Credit is fairly simple. When you initially apply, you are going to have to get a claim pack. Additionally, you'll have to give proof of who you are, which can be as simple as providing your national insurance number. Once you're approved, your Child Tax Credit can be renewed by by mail or phone. This is done each year and you will be notified when it is time to renew. It's critical for you to report any modifications in your situation such as any kind of change in household size and earnings. If you do not report changes, you may be required to pay back the tax credits that you've received.

You can receive Child Tax Credits in a number of ways. You can either have the child allowance paid monthly or weekly, and it can be placed in any account you wish. The Child Tax Credit must be transferred to the main caretaker's account and can be received by cheque, which will be sent to the address that is indicated on your application. This child benefit can be claimed additionally with the Working Tax Credit, a benefit entitlement if either you or your partner are employed.

If you don't get approved these benefit entitlements, or disagree with the calculation of your tax credit, you may appeal a tax credit decision. Keep in mind, however, that this has to be done within 30 days of your denial notification.