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High number of companies in Scotland go to the wall

Category: Scotland Business News — Gary Cain on February 10, 2012

It is possible to claim Working Tax Credits, Child Tax Credits or both, as long as you fulfil specified criteria. The claim will be based on the number of paid hours you work each week, the number of children and your total household income. There are other factors which can affect a claim, such as age and whether you are returning to work after a period receiving benefits.

A claim form has to be completed in order to apply for Working Tax Credit and Child Tax Credit. You have to contact the Tax Credit Helpline to request a claim pack for tax credits; you can’t download a claim form or claim online. There is certain information that you will need when you phone the helpline, including your National Insurance number. You will be asked for your annual income for the previous tax year, which can be found on the form P60 which is given to you at the year end by your employer. The details of any benefits will be requested, including Jobseeker’s Allowance and Carer’s Allowance. If you have registered childcare, you will be asked for information about the childcare payments. All other income details will be asked for, which will include any interest on savings or rental income.

If you live with another person as a couple, a joint claim will be made and both parties will have responsibility for the accuracy of information provided. If you think that you are entitled to claim tax credits, you should apply as soon as possible to avoid losing money.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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