The Taxman wants to Top up your Wages!
- 2 October 2009 15:3329669The Taxman Wants to Top Up Your Wages
Many people in South East England who are entitled to a cash increase in their income are missing out simply because they assume they are not entitled to Working Tax Credit (WTC), HM Revenue & Customs (HMRC) said today.
HMRC has therefore set up an online calculator enabling anyone who thinks they might be eligible for Working Tax Credit to quickly find out for sure whether they are likely to be entitled and by how much.
The average amount of Working Tax Credit unclaimed is £1,600 a year so some people will qualify for significantly more.
Working Tax Credit is payable to people who are in work and on a low income, and you don't have to have children to qualify.
Many people who fail to claim:
are in the 50-plus age group,
have experienced a fall in income.
The Financial Secretary to the Treasury, Stephen Timms, said:
"Tax credits are already benefiting hundreds of thousands of families without children. We recognise that these are challenging times and Working Tax Credits are there to help.
"I would urge anyone who thinks they might be entitled to this money to go on-line and find out for sure."
Anyone with queries about tax credits can check online at www.hmrc.gov.uk/taxcredits or call the Helpline on 0845 302 1415 to make a claim.
Ends
email: dover7@msn.com - 2 October 2009 15:3529670Also will just add these bits which dont usually go out, as it makes it all a bit clearer as as we all know TAX is a bewildering topic. BUT if you check this out YOU yes YOU might be entitled to a few bob.
Notes for editors
1. If you don't have children, you can claim WTC if:
you are aged 25 or over and work at least 30 hours a week;
· you're single, and earn up to around £13,000 a year. If you're living with a partner, you could claim if together you earn up to just under £18,000 a year;
· you're disabled or over 50 and returning to work; you may also qualify even if your circumstances are different.
2. In 2007-08, £720m in total was paid out to claimants of WTC without children.
3. WTC is paid by HMRC directly to the person claiming.
4. Take-up for families with children is higher than for any previous system of income-related support. Through tax credits people without children are, for the first time, entitled to income-related support.
5. Tax credit data is published under National Statistics and available from HM Revenue & Customs.
6. Take-up statistics are available at: http://www.hmrc.gov.uk/stats/personal-tax-credits/cwtc-take-up.htm
The tax credits questionnaire is available at: http://www.hmrc.gov.uk/taxcredits/start/who-qualifies/overview/quick-questionnaire.htmemail: dover7@msn.com - 2 October 2009 16:4229677These are terribly complex and only last week I had a client who refuses to claim because she does not want to get tied up in that complexity. I worked out that she would get over £100 a month.
My own heart used to sink when that pack fell through the door and I deal with money all the time and understand this more than most.
WTC and CTC needs to be phased out for a much simpler system for those who really need them and lower taxes for the rest of us. - Ross Miller
- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,709
2 October 2009 19:2729696I absolutely agree Barry, the tax system needs to be simplified. Many of our tax system problems are caused by the current over complexity, which inherently creates loopholes, anomalies, grey areas etc, that tax lawyers and accountants exploit ruthlessly.
We need a fair tax system for all that ensures we all pay a fair amount of tax based on our ability to pay, whilst protecting those on lower earnings from a poverty trap and those at the higher end from being fleeced."Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi - 2 October 2009 21:0329701I have heard lots of stories about folks having to pay back large amounts to the Tax Credits office after their first year.
Because as circumstances change they do not catch up in time to adjust, only doing it at year's end, causing all sorts of problems for people on low incomes trying to re-adjust.
It's a strange system, with a scary sting in the tail for charges can be added to the unpaid amount therby making it even harder for the poor souls who gratefully accepted the original payments.
I cannot see why it was introduced, surely an adjustment of tax-coding would have been easier (as in the past on PAYE) therby enabling the adjustment to be less onerous.
Even the Tax Office itself gets tied in knots over it, what chance do we stand?Oh Boy!, That'll be the day.........