Tax Credits
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TAX CREDITS
If you are looking at Tax Credits and reviewing or planning your finances, please feel free to contact us. We can discuss your specific circumstances to help you plan tax efficiently.
Working Tax Credit
| Rates | 2018/19 | 2019/20 |
|---|---|---|
| Basic element | £1,960 | £1,960 |
| Couple and lone parent element | £2,010 | £2,010 |
| 30 hour element | £810 | £810 |
| Disabled worker element | £3,090 | £3,165 |
| Severe disability element | £1,330 | £1,365 |
Childcare Element of Tax Credit
| Rates | 2018/19 | 2019/20 |
|---|---|---|
| Maximum eligible cost for one child | £175 per week | £175 per week |
| Maximum eligible cost for two or more children | £300 per week | £300 per week |
| Percentage of eligible costs covered | 70% | 70% |
Child Tax Credits Rates
| Rates | 2018/19 | 2019/20 |
|---|---|---|
| Child Tax Credit Family | £545 | £545 |
| Child element | £2,780 | £2,780 |
| Disabled child element | £3,275 | £3,355 |
| Severely disabled child element | £4,600 | £4,715 |
Tax Credits Income Thresholds
| Rates | 2018/19 | 2019/20 |
|---|---|---|
| First income threshold | £6,420 | £6,420 |
| First withdrawal rate (per cent) | 41% | 41% |
| First threshold for those entitled to Child Tax Credit only | £16,105 | £16,105 |
| Income rise disregard | £2,500 | £2,500 |
| Income fall disregard | £2,500 | £2,500 |
Child Benefits Rates (Weekly)
| Rates | 2018/19 | 2019/20 |
|---|---|---|
| Eldest Only Child | £20.70 | £20.70 |
| Other Children | £13.70 | £13.70 |
Guardian’s Allowance Rates (Weekly)
| Rates | 2018/19 | 2019/20 |
|---|---|---|
| Guardian's Allowance | £17.20 | £17.60 |
Our service to you
If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.
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