Child Tax Credit - Do You Qualify And How Much Can You Claim?

In the hectic world today, raising kids can often be stressful, particularly if funding is scarce. Kids are constantly going to need something, whether it be supplies for a school project or new shoes. Figuring out how to find enough money can be next to impossible at times. However, there are government benefits available for struggling and low income households which will help lessen the stress in tight money situations.

One of these government benefits is the Child Tax Credit, which was designed in order to assist carers and families of college students and younger children to make sure that children will get what they need. This is extremely advantageous to low income families who have children under the age of 16 or a young person still enrolled in school full-time..

The Child Tax Credit is based upon the number of children in your home and also considers your household earnings. In addition to receiving an overall tax credit for the family, you can claim a specific amount of child benefit for every child who lives in your house. You do not have to be related to the child or children, but you do have to be the primary carer and the children must live under your roof.

Claiming the Child Tax Credit is very easy. When you apply initially, you'll need to order a claim pack. You'll additionally have to provide confirmation of your identity, which can easily be done by providing your national insurance number. Once you get approved, you can renew your Child Tax Credit by phone or by mail. This needs to be done each year and you will receive notification when it is time to renew.  It's important for you to report any changes in your circumstances including any changes in earnings and household size. If you fail to report a change, you might be required to pay back the tax credits that you've received.

You can receive Child Tax Credits in various ways. You can either have the child allowance paid on a monthly or weekly basis, and it can be placed in any account you indicate. The Child Tax Credit must be transferred to the main caretaker's bank account and can be received by cheque, which will be sent to the address on your application. The child benefit may be claimed on top of the Working Tax Credit, a benefit entitlement if you or your spouse are employed.

If you are not approved these benefit entitlements, or disagree with your tax credit calculation, you have to right to appeal a tax credit decision. Keep in mind, however, that this needs to be done within thirty days of the notification of denial.