PIP: Britons could be entitled to receive an extra £4,600 from HMRC in Working Tax Credit | Personal Finance | Finance


PIP, which is formally known as Personal Independence Payments, provides support to individuals with a long term health condition or disability. The payment is overseen by the Department for Work and Pensions (DWP), responsible for ensuring Britons receive the amount to which they are entitled. Under the rules of PIP, claimants will receive sums which correspond to the way their condition affects them rather than the condition itself.

As a result, those whose condition impacts their day to day lives in a severe way are likely to receive more from the DWP in payments.

PIP rates currently stand between £23.60 and £151.40 per week, but are split into tiers dependent on what a person needs.

While these payments can offer vital support, it is important to note some PIP claimants may be able to receive additional sums which could prove particularly useful, and even life-changing.

The DWP oversees PIP, however claimants could get an extra sum from HM Revenue and Customs (HMRC).

READ MORE: SEISS: Rishi Sunak urged to extend support past April to self-employed

Britons who are living with a disability can get up to £3,200 per year from HMRC to help amid their working lives.

However, there is also an additional sum others could claim on top of this sizeable payment.

This extra amount on top is set aside for those who are considered to have a severe disability, and can get up to £1,390 per year.

As a result, those who receive both payments could gain a payout of somewhere up to £4,600 per year to assist with their needs.

Of course, the amount a person can receive through Working Tax Credit will vary, however, the Government has shown just how much some people could be set to gain.

Working Tax Credit, though, does have certain eligibility criteria which is worth making note of.

What the Government considers as ‘work’ is those who are employed by someone else, someone who is self-employed, or an individual who mixes the two.

The work must last at least four weeks and must be paid, but there is no set limit for income.

Individuals who wish to ascertain how much they could receive under the scheme are encouraged to use the Government’s tax credit calculator.

To use this, certain details such as income, working hours, benefits claimed and any childcare costs must be provided.

Britons should therefore provide details of their PIP claim to the calculator to ensure this is taken into account. 

However, the tool will provide an estimate of how much a person could receive in tax credits in a four week period. 

Do you have a money dilemma which you’d like a financial expert’s opinion on? If you would like to ask one of our finance experts a question, please email your query to personal.finance@reachplc.com





Source link

Comments are closed, but trackbacks and pingbacks are open.