Specialist Dental Accountants for over 28 years - Call 020 8346 0391
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Specialist Dental Accountants for over 28 years - Call 020 8346 0391 |
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He (Mac) has helped me as my practice has expanded from single-handed to a six surgery/8 dentist practice. |
T14 - Child Tax Credit Last April, the Chancellor announced a new Tax Credit to be introduced from April 2003 – Child Tax Credit. (C.T.C.) The Child Tax Credit replaces Children’s Tax Credit. People who currently receive Child Benefit or Children’s Tax Credit will not automatically move to the new Child Tax Credit but will need to make a claim. The new Child Tax Credit cannot be claimed on the Tax Return. Child Tax Credit is for people who are responsible for at least one child or qualifying young person. Child Tax Credit will be paid to the person who is mainly responsible for caring for the child or children. If you are a lone parent, you will receive the payment. The Child Tax Credit is made up of two elements: ●The Family Element - in the first year of a child’s life, a baby addition is paid. ●An Individual Element – for each child or qualifying young person (additional amounts are paid for disabled children). Child Tax Credit will be available for children until the September after their 16th birthday or up to the age of 19 if they remain in full time, "non advanced" education (i.e. studying for at least 12 hours per week and the course leads to A level, NVQ level 3 or below). Couples must claim tax credits jointly, and entitlement will be based on the combined income of both partners. Income Limits: ●Where family income exceeds £13,230, the child related elements are tapered away at the rate of 37p for every £1 of additional income. ● A family with a joint income of less than £50,000 will, upon claiming, be entitled to the full family element (£545) and a baby addition for the first year of a child’s new life.●If a family has joint income of more than £58,175 (or more than £66,350 for a family with a new baby under 1 year old), no claim will be valid. The actual amount receivable depends on the personal circumstances of the claimant. If you think you may be entitled to the Child Tax Credit and have not already submitted a claim, then you can do so by: ●Completing a form TC600 (obtained by calling 0845 300 3900), or ●Online at www.inlandrevenue.gov.uk/taxcredits, or ●Calling the Tax credits help line on 0845 300 3900. Claims can be backdated for up to 3 months. The Inland Revenue Web Site has a very useful online initial application, which would provide you with an indication as to whether or not you will be entitled to the Tax Credits. If you would like Mac Kotecha & Co. to deal with completing any possible claims, please call Anil Kotecha on 020 8346 0391. Please note, however, that we do not hold any claim forms in the office and these must be obtained prior to calling us. |
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We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us on 020 8346 0391 to arrange a mutually convenient time. This web-site was last updated on 29/07/2008 Specialist Dental Accountants for over 27 years. Copyright © 2003-2008 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site. We can still help you if you're not a dentist. Please click here
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