Highlights To Gear You Up For the Tax Season

Tax Credits and Qualifications for all who qualify

16:34 19 March 2013

You only need to file a self-employed tax returnif it is a contract position or a business you run. You may however want to file a return though if you can claim credits and get money in your pocket, or if you work and do side-contracting jobs.

 

Here are some of the ways you can get a tax credit; if you are working and if you’re disabled.

 

If you have any children or dependents you should definitely file a personal tax return as you can get a credit. You can also get a credit if you are working but are struggling due to a lower income. 

 

These credits are called Child Tax Credit, Working Disabled Credit and the Low Income Worker Credit. 

 

The child tax credit has many different components to it, including if a child is disabled, childcare expenses and a few other key elements. The amount of this credit varies by the amount of hours you work, if you live as a couple with someone else, or if one of you has a disability.

 

The working disabled credit has specific guidelines you must adhere to in order to claim any benefit. These include working at least 16 hours a week or having a hard time obtaining employment due to your disability.

 

You should have been receiving, or will receive, a disability-related benefit or in specific cases, a National Insurance credit can substitute this.

 

The low income worker tax credit is for people who do not have children. You need to meet these requirements if you are at least 25 years old, and have a working week of 30 hours.