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Tax Credits – Are you entitled?

Tax credits are no longer a top up for low earning families or workers, but are in fact a strategic tax benefit that, if planned well, can be utilised to a great effect.

  • Are your earnings below £58,175 and do you have children?
  • Are you considering a large capital equipment purchase?
  • Have you recently incorporated or are you thinking about it?
  • Have your business profits fallen or do you expect them to fall?
  • Are you paying a pension contribution?

If you have answered YES to any of the above; YOU NEED TO READ ON!

As a result of the global credit crunch we have found that many small businesses are struggling in terms of cash flow and profitability, and are missing out on vital tax breaks and tax credits.

Businesses that invest in plant and equipment, or individuals that invest into personal pension plans, will be able to reduce their earnings to a level where tax credits may be claimed.

We can provide you with comprehensive tax credit advice and planning, to ensure you receive your maximum entitlement, as well as managing your award to ensure that you are not overpaid or, more importantly, underpaid.

Why make a claim if you won’t get any tax credits?

  • When you make a claim, any payments you are entitled to can only be backdated by up to a maximum of 3 months. However, by claiming early, that is before you think you might be able to get any tax credits, any future award can be maximised.
  • The new Universal Credit, proposed in a DWP White Paper in November 2010, will be phased in between 2013 and 2018, with existing benefits and tax credits claims being gradually transferred to the new system. Once Universal Credit is introduced no new claims for tax credits will be possible.

Are you expecting your income to fall?

If you are expecting your income to fall, you should make a tax credit claim at the start of the tax year (6th April) to ensure your claim is protected for the whole tax year.

The above highlights how time sensitive tax credits are; therefore it is imperative you do not miss out on any tax credits you may be entitled to. Don’t delay in contacting us to make your tax credit claim for you.

We can check whether you are entitled to claim for tax credits and gain an accurate award calculation.

Remember, tax credits is not a tax saving but is cash paid into your bank account!

See our Tax Credits Claim Form to check your entitlement.

Next Step:

Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.