Saving your taxes can be the most important thing everyone looks for. We have got good news for you. If you are looking to save some tax, now you can avail of the child tax credit. Though the system of the child tax credit has been replaced by universal credit, there are certain criteria under which you can still avail the child tax credit.
This article deals with the conditions under which you will be eligible for a child tax credit. We shall also discuss the mode of payment and other details related to the same. Apply for child tax credit now, if you fulfil the requirements.
Eligibility for the child tax credit
The UK government has replaced the child tax credit with the Universal Credit. Yet, there are two conditions under which you are still eligible for the child tax credit system.
∙ If you are covered under the disability premium (severe)
∙ Your eligibility for the disability, the premium has not been cancelled.
Depending on the status of the education of your child, you can claim the child tax credit. If your child is having a formal education, you can avail the benefit until your child is 20 years of age. If your child is not enrolled in any formal school of education, till the age of 16 years, you are eligible for the child tax credit.
How much amont is the child tax credit?
The amount that you shall receive after the child tax credit depends on the number of children you have. If you are making a new claim, the amount will be different from when you were previously claiming it.
How do anyone receive the child tax credit?
The payment is directly made into the bank account of the parent of the child. In other cases, the person who has taken up the legal responsibility of the child is also eligible for claiming it.
When do you get paid the child tax credit?
You will receive the child tax credit every week or after one month, from the exact date of claiming the credit. This shall continue for till the end of the financial year.
Under what circumstances are you responsible for a child?
The credit can only be claimed for a child who is a responsibility to you. The following criteria explains about the scenarios of responsibility:
∙ Co-living with the child
∙ Being the sole the caring authority of the child
∙ Keep their belongings at your house
∙ You are responsible for their meals and allowances.
∙ Financially dependant on you, though they live in an EEA nation.
You are also having the provision of looking for a credit if you are fostering a child and not getting payment from the council. Under the cases of disability to the child, the following criteria need to be met, for getting additional credits:
∙ The child must get PIP, DLA or AFIP.
∙ Medically concluded to be blind.
With the child tax credit system, you must look forward to claiming the same if you are eligible for it. You must look forward to making your life simpler through this assistance put forward by the UK government.
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