Am I entitled to Tax credits or child benefit

Working tax credits are exactly what they say on the tin.  Tax credits for those in work, aiming to help cover some of the cost of childcare and boost family income.  You are eligible for them if you are a single parent working 16+ hours per week or half of a couple who both work 16+ hours a week.  Your total household income must be less than £41000 per annum so many Medics will not qualify but for those who may be single parents or working part time, it’s worth looking into.  No harm in checking if you’re eligible by visiting the HMRC website and entering your information on their quick calculator.

What about child benefit?

From 7th January 2013 there’s been a bit of a shake up of child benefit.  Effectively meaning that parents earning over £60k (individually) will not receive any while £50-60k earners will receive a smaller sum.  If entitled to the full amount you will receive  a higher amount for your eldest (or only) child. £20.30 a week for your eldest child and £13.40 a week for each of your other children.

You may be liable to a new tax charge if you, or your partner, have an individual income of more than £50,000 and one of you gets Child Benefit or contributions towards the upkeep of a child.  Find out if you are affected by visiting the HMRC child benefit page