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GARRY WHITE AND COMPANY CHARTERED CERTIFIED ACCOUNTANTS
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Contact Us Directly
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TAX CREDITS From April 2003, existing tax credits will be replaced by two new tax credits: Child Tax Credit and Working Tax Credit. The new tax credits will replace: (a) Children's Tax Credit (b) Working Families' Tax Credits (WFTC) (c) Disabled Person's Tax Credit (DPTC) Child Tax Credit will be the way that families will get money for their children, and for some 16 to 18 year olds, and is based on your income. You can claim whether or not you are in work. It will replace the existing tax credits and benefits with a single system - so all families with children, with income of up to £58,000 a year, will be able to claim the credit in the same way. Working Tax Credit will support working households on low incomes by topping up earnings. To receive one or both of the new credits, you will need to make a claim (by filling out a claim form) even if you (a) are currently receiving one of the existing tax credits (b) have received tax credits in the past (c) have recently made or renewed a claim for one of the existing credits. Child Tax Credit will provide support for (a) a child until 1 September following his or her 16th birthday, or (b) a young person aged 16 to 18 who is in full time education. Child Tax Credit will be paid in addition to Child Benefit and any Working Tax Credit. Working Tax Credit is a payment to top up the earnings of working people on low incomes, including those who do not have children. There are extra amounts for working households in which someone has a disability. It is available to employees and self-employed people, and includes support for the costs of qualifying child care. People who are responsible for a child or young person can claim Working Tax Credit if - you are aged 16 or over and work at least 16 hours a week. People without children can claim Working Tax Credit if - you are aged 25 or over and work at least 30 hours a week - you are aged 16 or over and work at least 16 hours a week and you have a disability which puts you at a disadvantage in getting a job - you or your partner are aged 50 or more and work at least 16 hours a week and are returning to work after time spent on qualifying out of work benefits. How do I make a claim or get more information? Contact either Steve or Garry and we will help you. Otherwise: - (a) fill in the paper form sent to you by the Tax Credit office, Remember if you do not claim you could lose out on money that you are entitled. If you believe you will qualify contact Steve or Garry for further assistance.
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