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

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

In our world today, raising a child can sometimes be difficult, particularly when funds are limited. Kids always need something, whether it be sporting equipment or shoes. Figuring out how to find the funds can be almost impossible at times. However, there are government benefits available to low income and struggling households which can help relieve the anxiety in tight money situations.

One of these benefits is the Child Tax Credit, which was established to assist carers and parents of school age kids and college students to assure that the children have what they need. This will be extremely beneficial to low income families who have children below the age of 16 or a young person attending college full time.

The Child Tax Credit is based on the number of children in your home and also takes into account your total household earnings. As well as receiving an overall tax credit, you can claim a specified amount ofchild benefit for each child that lives under your care. It isn't a requirement that you are related to the child or children, but you do need to be the primary caregiver and the children must be living full time under your roof.

Claiming the Child Tax Credit is really very simple. When you first inquire, you'll need to order a claim pack. You'll also have to provide confirmation of your identity, which can be as simple as providing your national insurance number. Once you're approved, you can renew your Child Tax Credit by telephone or mail. This is done every year and you will be notified when it is time for you to renew. It is imperative that you remember to report any modifications to your situation such as any kind of change in income and household size. If for any reason you fail to report a change, you could have to pay back the tax credits you've received.

You can receive Child Tax Credits in a number of ways. You can either receive the child allowance on a weekly or monthly basis, and it can be placed in any account that you indicate. Children's Tax Credits needs to be transferred to the main caretaker's account and can come in the form of a cheque, sent to the address on your application. This child benefit may be claimed in addition to the Working Tax Credit, a benefit entitlement if you or your partner are working.

If you're denied these benefits, or do not agree with the calculation of your tax credit, you have to right to appeal a tax credit decision. This needs to be done within 30 days of your denial notification.

Article Source: http://www.bizpong.com

Evan Felt is a content writer for www.uk-benefits.org who researches benefit and support programs available to UK citizens. Find important advice and information on child benefits, as well as UK grants, allowances and other benefits.

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