Martin Lewis outlines eligibility for working tax credit
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With the cost of living squeezing finances, Britons are urged to check if they are entitled to the benefit. Roughly seven million Britons are already receiving £2,070 a year through Working Tax Credit.
People can also receive extra money depending on their circumstances.
It is estimated that two million people are not claiming their entitlement.
Roughly seven million Britons already receive this, with some receiving over £3,000 with the add ons.
Working Tax Credit is intended for workers who have a low income.
Britons must work a certain number of hours a week to qualify.
Britons aged 25 to 59 need at least 30 hours.
Britons working 16 hours per week could be eligible if they are:
- Aged 60 or over
- Disabled
- Single with one or more children
Couples with one or more children usually need at least 24 hours between them (with one of them working at least 16 hours).
People can claim Working Tax Credits whether they are an employee for someone else, or they are self employed, or they do a bit of both.
In order for self-employed Britons to be eligible their work must have plans to make a profit and be commercial, regular and organised.
Additionally, they must work regularly, keep business records and follow regulations that apply to their work such as licensing or insurance.
With the tax year just beginning, eligible Britons could claim now to receive the benefit until the current tax year ends on April 5, 2023.
While the basic amount pays up to £2,070, Britons working at least 30 hours a week will receive up to £860 per year.
Single parents and couples applying together can receive up to £2,125.
People with a disability can receive the highest rate of £3,345 and those with a severe disability can add an additional £1,445 on top of this rate.
Britons paying for approved childcare that takes place in-person can receive up to £122.50 for one child or £210 for two or more children per week.
While the basic amount pays up to £2,070, Britons working at least 30 hours a week will receive up to £860 per year.
Single parents and couples applying together can receive up to £2,125.
People with a disability can receive the highest rate of £3,345 and those with a severe disability can add an additional £1,445 on top of this rate.
Britons paying for approved childcare that takes place in-person can receive up to £122.50 for one child or £210 for two or more children per week.
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