What changes can affect your working tax credit?

If your current salary falls under the monthly minimum, especially when you are responsible for one or more children getting a working tax credit or a child tax credit can be a handy way to help you a great deal to cover your costs. As of now, working tax credit is paid for over 2 millions of people. Although it’s not a gift because it needs to be paid back over time or when the assignee’s salary goes above the minimum limit, people have plenty of time and ways to pay the tax credit back.

Applicants need to provide proof that they live under the required minimum living circumstances. Someone may opt for the working tax credit alone or with his or her partner (legal partner e.g wife or spouse). They will need to provide their salary paper, if there is, they need to provide with the tax paper of the previous year and other documents if so required. You can either use the online calculator if you want to get a clue on how much credit you can opt for, also get further information on the exact sum of the credit and if you have questions on the other conditions you may freely go ahead and call the Working Tax Credit Phone Number too.

However, it’s important to note, that if you have any changes in your circumstances, you will need to report that to the Tax Credit Office either via email, internet or calling the Working Tax Credit Phone Number for reporting the changes.

What changes do you need to report?

Not all the changes in your circumstances affect your tax credit, but there are many which definitely do. Let’s enlist a couple of these:

Before we get started it’s essential to know that overall sum of tax credit fluctuates according to your actual salary (along with your partner’s)

How to report any changes:

You can report changes to your circumstances either online or by phone. It’s vital to know that in case you fail to report a change on time (within 30 days) , you can be fined up to GBP 300- If you provide wrong information either because of a human mistake or on purpose you can be fined up to GBP 3000 and cut from any credit possibilities in the future.

What changes are to be reported on the first place?

• Change of jobs

• Change in salary

• Changes in marital status

• Changes in family ( giving birth, death, marriage)

What can make working tax credit’s overall sum go up or down:

• If the new job pays you less money (by GBP 2.500 as a minimum) or more money by a minimum of GBP 2500.

• If your benefits or beneficial status stops, decrease or on the contrary they increase

• If you fail to renew the Working tax Credit

• If the credit award shows that you’ve been overpaid

• If you give birth

• If your childcare costs go up

• Your child is either over 16, 18 or 19 taking part in approved education and you failed to report this to the Tax Credit Office.

• It’s important to know that the moment you opt for or if you are awarded with a Universal Credit the Working tax credit automatically stops.