Many people who are entitled to a cash increase in their income are missing out simply because they assume they are not entitled to Working Tax Credits (WTC).

HMRC have therefore set up an online calculator enabling any one who thinks they may be eligible for WTC to quickly find out for sure whether they are likely to be entitled, and by how much.

The average amount of WTC unclaimed is £1,600 per year, so some people will qualify for significantly more.

Working Tax Credit is payable to people who are in work and on a low income, and you don’t have to have children to qualify.

Many people who fail to claim are:-

·         In the 50 plus age group;

·         Have experienced a fall in income.

Anyone with queries about Tax Credits can either check online at www.hmrc.gov.uk/taxcredits or, to make a claim, call their Helpline on 0845 302 1415. 

Alternatively, please contact your adviser at Albert Goodman for professional assistance.

Posted on 15 Oct 2009