Working tax credit management and calculation

There are several ways you can manage your tax credits and thanks to all the governmental improvements you can now get plenty of help on the official website of the British government (gov.uk).

There are all sorts of tax credits available for those who are in need of it. Working tax credit is one of the most generally obtained but Child Tax credit is also another credit many parents opt for.

The online tax credit management service can greatly help you if you would like to calculate how much credit you can opt for and also if you would like to report any changes in your circumstances, that may affect your credit status.

Let’s see what you need to opt for this online service:

Open a Government Gateway account:

The online Government Gateway account is very useful for managing all sorts of documents, especially concerning tax returns and concerning other official documentation and information. Until you are officially signed in you should not include any personal details on the application form, you will be asked to provide all these when you are specifically asked for these on a secure page. You will however need to hold a National Insurance number.

Other ways to prove your identity include the following:

Your bank account details
Your filled out P60 form
The last 3 of your most recent payslips/salary papers
Your valid passport number and the expiration date shown on your passport

The Government Gateway account is opened for you automatically, the first time you register. You will also be able to renew your tax credits counting from 2018 ( it’s not possible to renew any credits which were started back in 2016 or 2017).
When to ask for help over the phone

You should call the Working Tax Credit Phone Number for further information if one of the below instances occur:

A deadline was missed
The actual income differs from the estimated income
There has been a mistake with your credit award notice

It’s essential that you have your national insurance number so that you are ready to provide it when asked over the phone.

How to use the calculator?

Ensure you collected the following details before starting with the tax calculator:

The actual sum of your income with taxes
The actual sum of your partner’s or spouse’s/wife’s gross income
The total number of your working hours
Proof of any benefits you are currently claiming or which have been awarded to you
A weekly average of how much you spend on childcare (in case you want to obtain a working tax credit with a child or children or child tax credit).

If you wouldn’t like to estimate and want to hear the proper sum of a possible credit, then you ought to call the Working Tax Credit Phone Number for specific information.

It’s essential to take all your responsibilities regarding the working tax credit seriously. You can be seriously penalized if you fail to do so. This is also true for the payback conditions.