Can you get Tax Credits if you have a mortgage

advance

Can you get Tax Credits if you have a mortgage?

If your home is classed as an asset can you still claim Tax Credit or are assets not included

harrys_dad

Your principal residence is not included for benefit purposes, so yes you can.

supernatural619

Yes, we have a mortgage and get tax credits

only_mee

Mortgage isn't a requirement...children are

sammyjammy

only_mee wrote: »

Mortgage isn't a requirement...children are

Erm no they aren't. Single people and couples without children over the age of 25 and working 30hrs per week or more are entitled to claim Working tax credit.

advance

Is it likely to change when it becomes Universal Credit?
Don't think you are allowed any savings then

bubblegumcola

My tax credits and working tax credits are not affected by any savings I may (or may not) have. We also have a mortgage and have no problem claiming tax credits, the question of them asking if you own your home has nothing to do with them, it is not taken into consideration.

They need to know your income, the hours you work in a week, if you have a partner they will need to know if they work and how many hours they do. They also need to know if you are employed or self employed, if you are self employed you will have to guess roughly what your projected earnings will be for the year and once you have done your tax return phone them up and give them an exact figure.

If you have children the number you have will also affect your claim and if they are still at school. As another poster said you don't have to have children and can claim if you are 25 and above. I think you can claim up to three months in arrears but that may have changed.

There is a helpline you can call for information and I'm sure there is a website. There will be a link on this website somewhere.

bubblegumcola

http://www.hmrc.gov.uk/taxcredits/

princessdon

bubblegumcola wrote: »

My tax credits and working tax credits are not affected by any savings I may (or may not) have. We also have a mortgage and have no problem claiming tax credits, the question of them asking if you own your home has nothing to do with them, it is not taken into consideration.

They need to know your income, the hours you work in a week, if you have a partner they will need to know if they work and how many hours they do. They also need to know if you are employed or self employed, if you are self employed you will have to guess roughly what your projected earnings will be for the year and once you have done your tax return phone them up and give them an exact figure.

If you have children the number you have will also affect your claim and if they are still at school. As another poster said you don't have to have children and can claim if you are 25 and above. I think you can claim up to three months in arrears but that may have changed.

There is a helpline you can call for information and I'm sure there is a website. There will be a link on this website somewhere.

Savings will be counted under universal credit as will assets you don't live in, just wanted to state for others who may be in this group.

only_mee

sammyjammy wrote: »

Erm no they aren't. Single people and couples without children over the age of 25 and working 30hrs per week or more are entitled to claim Working tax credit.

You are quite right, was just thinking of the children

bubblegumcola

princessdon wrote: »

Savings will be counted under universal credit as will assets you don't live in, just wanted to state for others who may be in this group.

Thanks, I didn't realise this. I don't know anything about Universal credit, only tax credits. Didn't want to mislead anyone. I will go and find out about universal credits and if it affects us. Thanks again.