The Federal Tax Credits Blog

Posts Tagged ‘hmrc’

Question: has anyone had an overpayment on their tax credits,if so what happened and did u have 2 pay it back?

Answer: Because hubby and I are self employed and they give us our tax credit on what they think we will make next year based on what we made this year, we got hit pretty hard. We made a rubbish profit a couple of years ago so last year they gave us some money. We then made a good profit last year and because we did they demanded all the money back that they had given us. Because this year’s is based on the good profit we made last year, we get nothing. So we are paying it all back in monthly installments.
If we make a rubbish profit this year, then theoretically they owe me for what they haven’t given me plus what they assume I will make next year. But I daren’t spend it in case they demand it all back the year after!!

It’s all so complicated and a totally stupid system, especially for the self employed.

MENIFEE: City launches finance review

A review of the city’s financial systems is slated to launch this week on the heels of several billing irregularities that have recently come to light.

Labor Unions Protest in New York Against Bailout

Question: Working/child tax care question, will I have to pay HMRC money back?

When we apply for working/child tax credit we give details of the previous tax year and send the P60, and they calculate how much we should get right. This amount remains the same even if one change job and earn a bit more than declared even if the details are updated with HMRC but at the end of the next tax year the HMRC can claim overpayment and demand money back?

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Answer: You should contact Working/child tax credit within 2 weeks of any change in your circumstance and they will re- calculate your entitlement this can be done over the phone.

Portsmouth’s financial crisis: 10 questions about the problems at Fratton Park

Answering all the key questions surrounding the crisis at Fratton Park.

Debt Help www.debtsonice.co.uk

Question: 2009 Motorcycle Tax Credit without income?

I plan on buying a new motorcycle before the deadline for tax-deduction off the purchase. I am a college student and have enough for a cash purchase. My question is, how would the tax credit work for me since I have no income besides my financial aid reimbursements? Would I receive a check in the mail or would this credit remain with me for whenever there’s a fed. tax fee of some sort?
Bummer…Won’t help me then, thank you for your help everyone, I been pondering the question for months already. Guess if I buy I shouldn’t even consider tax deduction as a perk.

Answer: Motorcycles and cars qualify for a one-time above-the-line adjustment for the sales tax paid if bought between Feb 17, 2009 and Dec 31, 2009. The same qualifications apply for cars and motorcycles as to price, GVWR, and income limits. This adjustment reduces your AGI and therefore your taxable income and tax.

There is also a 10% (max $2,500) non-refundable credit for street-legal electric motorcycles purchased by Dec 31, 2011. A credit reduces your tax dollar-for-dollar. Since it’s non-refundable it’s limited to your tax liability.

Neither of these would benefit you since you have no income, owe no tax, and are not required to file a return. Nor is there any carry-over provision for either of these tax benefits. Sorry.

Deadline to donate for 2009 Oregon Cultural Trust tax credit is Thursday

If you donate to an arts organization and then donate that same amount to the Oregon Cultural Trust, you can receive a tax credit on your 2009 Oregon taxes. If you spent a total of $100, and donate $100 to the trust, you get $100 off the Oregon tax you owe.

$8000.00 Tax Credit Deadline November 30th 2009 Ventura California

Question: im just so fed up & worried about everything right now, what should i do?

can someone please steer me in the right direction? ive lived with an alcoholic for 3 years who kept spending money & running up debts & now hes finally gone after he assulted me, smashed some of my stuff up & a massive row & havent heard from him since, i did call police who are dealing with it,i owe £104,000 on this mortgage & im struggling to pay it aswell as all the rest of the bills & a £9500 loan my sister lives here who is the only 1 working full time & pays rent & helps pay bills but thats not enough, i dont want to live in this house anymore but i just dont know what to do or how to sell it & what to do with my furniture & stuff & i have 1 child & another 1 on the way & on top of all of that, tax credits have been stopped while the hmrc sort the paper work out because apparently i was paid too much, i just feel like jumping off a cliff , can someone please help?

Answer: Its ok. It’s hard but try to keep working through your problems and hopefully when you come out on the other side the day will be brighter.

Adventures in micro-business: What is my business worth?

Q: I am thinking of selling my business – what value can I put on the name and logo which are registered trademarks in the UK?

When Tax Credits Go Bad

So you need money for college.For yourself, your spouse, or your kid who is quite content to live at home for the next 40 yrs.You have the choices of scholarships, grants, or loans from either government or private sources. Naturally the scholarships and grants are the preferred route since neither has to be repaid. Not everyone can qualify for a scolarship or grant, therefore the need for student loans.

Grants are sourced federally, state, or institutional. The federal grants are all based on financial need and tax documents are required as proof of family earnings.
The most common of these is the Pell Grant which tops out at $5350.
The TEACH grants max out at $4000 and the recipient is required to teach low-income students for a minimum of 4 years.
Supplemental Educational Opportunity Grants also max out at $4000 and are available to the neediest of the Pell Grant applicants.
The Academic Competitiveness Grants only provide $750 for the first year and $1300 for the second. Finally we have the National Science & Mathematics Access to Retain Talent is for 3rd & 4th year students with a GPA of 3 and above who are majoring in the sciences or a critical foreign language.

All states have some kind of financial aid program for college students. You can check the state you’re interested in by going to http://www.students.gov/STUGOVWebApp/Public?topicID=25&operation=topic .

Scholarships are far too numerous to list here and they are available to a much more diversified group of people than grants. Many of them are keyed to those with the greatest financial need, but there are those that only require something specific, like left-handed cow milkers. It will take a lot of research and time spent filling in applications, but it is time well spent. You want to be wary of scams that promise to find you a scholarship for a fee. Most of these only provide you with a long list of scholarships and you can get those off the internet for free. Time spent building your profile will reward you many times over. Apply to all that you are elgible for and have a reasonable chance of being considered for.

Whichever financial aid you are after, you will need to complete the Free Application for Federal Student Aid (FAFSA). You can do that online at http://www.fafsa.ed.gov .

Loans can be federally funded, such as the Stafford Loan and the Perkins Loan or there are many sources in the private sector. The Government loans will always be the better deal if you qualify.

If you are saving up be aware that money in an IRA or a 401K is not counted against financial aid qualifications. Just don’t cut yourself short when you take money out. Leave some for retirement.
You can put up to $55,000 in a Coverdell, but if you can do that you probabnly don’t need financial aid. Another thing to do is pay down debt. Credit card debt makes it appear to the decision makers that you have more money than you actually do.

Tax breaks are budget loophole

FRANKFORT — In the past year, horse enthusiasts bought more than half a billion dollars worth

G20 London: Brown outlines summit results (highlights)