When it comes to specifying the exact amount of working tax credit someone is to receive when they are found eligible for it, it will soon come out that it’s not an easy task to do. However this time around we will give it a try and let you know about the latest sums and their conditions in general.
The full salary the applicant receives: this means that the salary of the applicant should be under a pre-defined minimum amount.
The full amount of working hours: this mainly means that the applicants are bound to work a minimum given amount of working hours which vary depending on age, family status and whether the applicant has custody over one or more children.
The living conditions and family status of the applicant: if the applicant applies with his/her partner and/or the applicant has the custody over one or more children.
This is a list of the most current factual numbers per the above described factors but be aware that each application will be handled and evaluated separately.
The maximum amount of Working Tax credit : GBP 1960/year
In case of a couple applying jointly ( 24 working hours as a minimum) GBP 2010/year
If the applicant is a single parent (between 16-24 years old working a minimum of 30 hrs a week) GBP 2010/year
If the applicant is over 25 and under 60 years of age and he/she is working a minimum of 30 hrs/week GBP 810/year
If the applicant has one or more qualifying disabilities and works a minimum of 16 hours a week GBP 2970/year
If the applicant has a severe disability and works a minimum of 16 hours /week GBP 1275
If the applicant has been bound by law to pay approved childcare for one or more children GBP 122.50 for one child and GBP 210 for more children.
Keep in mind that some of these sums are additional sums which are to be paid for those applicants who are entitled to receive those. These include the ones who are suffering from one or moe qualifying or severe disability and for those who have children and receive childcare as well. There is a full list of benefits with which Working tax can be obtained with a specific list of conditions.
Working tax once approved is paid for the applicant for a 12 month period however applicants have to keep in mind that by the end of tax year they need to decide whether they need to extend the tax period or if they end the tax credit. It’s important to note that ending the tax credit automatically results in having to start paying it back. Therefore applicants should call the credit tax helpline number to get more information on the conditions of paying back the amount of sum that has been paid and to apply for partial payment if necessary.