HMRC is UK’s non-ministerial department which collects taxes and pays of some forms of state support. HMRC provides help to individuals, employees, and business for calculating Tax credit in UK. Information about Tax credits calculator 2010 is mentioned below. HMRC is working for ensuring that correct tax is paid at the right time. HMRC is responsible for managing and collecting of direct taxes, capital taxes, indirect taxes, environmental taxes. Tax Credits Calculator will help you to find out how much tax credits you entitled.
After merger of Her Majesty's Excise and Customs (HMRC) and Inland Revenue, HMRC (Her Majesty's Revenue & Customs) was created on 18 April 2005.
Types of Taxes:
- Direct taxes including income tax and corporation tax
- Capital taxes such as capital gains tax and inheritance tax
- Indirect taxes (including value added tax)
- Excise duties and stamp duty land tax
- Environmental taxes such as air passenger duty and the climate change levy
Following details are required before you start calculation: Your personal details like age, work, total income or you have child are required to qualify for tax credits. The higher your income, the less tax credits you may be able to get. After one time giving answers of all the questions, you will be able to go to a more detailed questionnaire and get idea about how much tax credits you might be paid.
- Details of your own and/or your partner's (if you have one) income - your P60 for the year ended 5 April 2009 would be ideal
- Details of any benefits you are claiming, or have just stopped claiming
- Your usual working hours
- The average amount you spend each week on childcare
Tax year: 6 April 2009 to 5 April 2010
If present year income is less than previous year:
- When you make your actual claim, you must enter previous year income on the form. This is because your first tax credits award is always based on your previous year income.
- If your income for this tax year (6 April 2009 to 6 April 2010) is likely to be lower than last tax year’s, type in an estimate of this year’s income instead into the calculator.
- When one time you have got your Award Notice and your income goes down, inform the Tax Credit Office directly. They will use this new figure to revise your tax credits.
Tax credits are payments from the government. If you have at least one child then you may qualify for Child Tax Credit. If you work and earn fewer wages, then you may qualify for Working Tax Credit. Your age must be 16 or over and usually live in the UK.
If you pay childcare costs:
Do not use the worksheet provided with the calculator, if your childcare costs are different from week to week. You can get help with working out your average weekly costs instead by:
- going to the guide ‘Childcare costs - how to work them out to claim tax credits’
- calling the Tax Credit Helpline on Tel 0845 300 3900 or textphone 0845 300 3909 - if you are deaf or have a hearing or speech impairment
Calculation results:
- This calculator will give you an idea of how much you should be entitled to, based on the information you give.
- You could get amount between today date to 5 April 2010. Although you will see your result as a lump sum, this will normally be paid in installments every four weeks.
- Once you have filled out the claim form, if you qualify, they will send you an award notice telling you what your payments will be.
- The calculator should not take over 10-15 minutes to complete.
HMRC Helpline for Tax Credit :
For getting help, you can contact to Tax Credit Helpline number given as under.
Telephone no. : 0845 300 3900 or Textphone no. : 0845 300 3909
Time: 8:00 am to 8:00 pm (except Christmas Day, Boxing Day and New Year's Day).
If you are calling from abroad then you can contact the Tax Credit Office on Tel + 44 289 053 8192. Read more here.
Source: http://www.hmrc.gov.uk/
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