Why Tax Credits and Benefits are Needed
Money has become an important factor in the world today. It is required for doing almost everything. The recent state of the economy however is such that people everywhere are finding it hard to get their hands on this most crucial commodity. Jobs are hard to come by and even those who have gotten one are barely able to make both ends meet. The situation is even worse for old people as they have to live out the later part of their lives in poverty. Tax credit and benefits are considered an option provided by the government to the underprivileged class of society.
What Government Benefits Are Available
The government in the UK is very mindful of the fact that a number of its citizens are living in severe poverty. In order to provide financial help to this segment of society, it has come up with numerous gov.uk/browse/benefits/entitlement that can be claimed by the deserved parties. The following are a few of the benefits that you can apply for.
• Universal Credit
Universal credit is one of the easiest to claim government benefits offered in the UK. It is available to anyone living in the UK who is out of a job or is currently earning a very low income. The eligibility criteria for this benefit are being 18 years of age or over but under the pension age and having savings of less than £16,000. You can apply for Universal credit online. The funds will be calculated based on your current income and savings amount and will be transferred directly to your bank.
• Income Support
Income support is another government offered benefit that is accessible to the people who are out of a job or can’t work due to a sickness or injury. The eligibility criteria for this benefit are a little tougher though. You need to be a UK resident, be over 16 years of age but under pension age, be pregnant or a lone parent or disabled, have less than £16,000 as savings and be working less than 16 hours a week to be considered eligible for income support. You can apply for this benefit on the phone.
• Tax Credit
Tax credit is a benefit program offered by the UK government for people who are currently working but aren’t able to earn enough money to satisfy their daily needs. This benefit can be claimed by anyone as long as they satisfy certain conditions. The eligibility criteria for applying for tax credit includes having an age of over 16 years, doing work for over 16 hours a week, having an income which is lower than a set level. You will have to fill out a tax credit claim form in order to apply for this benefit. citizensadvice.org.uk/benefitsworking-tax-credit-overview is a good place to find out more information about tax credit.
Other Financial Help Options
|Child benefit is another way of claiming benefits from the UK government. You are allowed to claim this benefit if you have to take care of a child who is under 16 years of age. Do remember that this benefit is for the child alone and will include contributions in the form of food, clothes, Christmas presents and sometimes money.||People who are on the lookout for a job can apply for Jobseeker’s allowance. In order to be considered eligible for this benefit you must be a resident of the UK, have an age of over 18 years but under the pension age, be available for work, must be actively looking for a job and be working less than 16 hours a week. You can apply for Jobseeker’s allowance online.|
Help In Claiming Tax Credits and Other Benefits
While the benefits that are available for people with low income are quite helpful, claiming them can be a bit of problem for some. The elderly are the ones who need help in claiming the benefits and tax credits that they are eligible for. The UK government has set up a helpline to provide assistance to such people. You can get the contact number for the tax credit helpline by visiting telephone guide.
In addition to this, there are several online sources available from where an older person can find out about the benefits that he can qualify for. One example of this is ageuk.org.uk/how-we-help-money. This website offers support and information to the elderly people living in the UK about financial help options and how to claim them. Now that you are aware of these benefits, you can start making use of them to improve the quality of your life.