Search results
Results from the WOW.Com Content Network
Working Tax Credit. Working Tax Credit (WTC) is a state benefit in the United Kingdom made to people who work and receive a low income. It was introduced in April 2003 and is a means-tested benefit. Despite the name, tax credits are not to be confused with tax credits linked to a person's tax bill, because they are used to top-up low wages.
Since the implementation of the Tax Credit Act 2002 (TCA 2002) HMRC consider overpaid tax credit in the same light as unpaid income tax, and can use the full extent of their powers to pursue recovery (aka repayment) Records for each completed year (all awards up to date and closed) show that one third of all tax credit claims have been overpaid.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
The rate of the SME R&D tax credit enhancement has increased from 150 per cent when it was first introduced in 2000 to the rate of 225 per cent as at 2013. The Chancellor of the Exchequer announced in his 2014 Autumn Statement that the super deduction rate for the SME relief regime has been increased from 225% to 230%, on expenditure incurred ...
For premium support please call: 800-290-4726 more ways to reach us
As the UK's biggest public service department it administers the State Pension and a range of working age, disability and ill health benefits to around 20 million claimants and customers. [6] It is the second largest governmental department in terms of employees, [1] and the second largest in terms of expenditure (£228bn as of July 2021). [7]
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue also administered the Tax Credits ...
This was £1 higher than the rate payable for subsequent children, which was again frozen, at £7.25/week. From 1991 Child Benefit increased in line with inflation, until 1998, when the new Labour government increased the first child rate by more than 20%, and abolished the Lone Parent rate. New Labour oversaw the biggest increase in child ...