Tax Credits

The UK Government has provided numerous tax credits to help people on lower incomes from working tax credits, child tax credits and universal credits.

We provide comprehensive guidance articles on various tax credit topics, equipping you with the knowledge you need to make key decisions.

Our guides help you what exactly tax credits are, how much are they and how they are applicable to you. Whether you simply want to enhance your knowledge on tax credits or are thinking of applying for one, our detailed articles provide the insights you need. 

Most Searched Tax Credit Topics

What Is Child Tax Credit?
Child Tax Credit was a benefit to help with the cost of raising children, now largely replaced by Universal Credit. Learn what Child Tax Credit is, who still receives it, and what support is available now.

What Are Tax Credits?
Tax credits were payments from HMRC to support low-income families and workers. Discover what tax credits are, how they worked, and why they’re being phased out.

What Is Working Tax Credit?
Working Tax Credit supported people in low-paid jobs. Find out what Working Tax Credit is, eligibility rules, and how it differs from Universal Credit.

Is Universal Credit Better Than Tax Credits?
The answer depends on your circumstances. Learn whether Universal Credit is better than tax credits, including benefit amounts, payment frequency, and admin.

Can You Go to Jail for Tax Credit Overpayment?
Overpayments must be repaid but prosecution is rare. Discover if you can go to jail for tax credit overpayment, and what happens if you ignore repayment demands.

How to Pay Tax Credit Overpayment
HMRC offers several ways to repay. Learn how to pay a tax credit overpayment, whether you're still receiving benefits or not.

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At Towerstone Accountants, we’re committed to providing exceptional service and tailored advice to meet your personal and business financial needs. Whether you’re looking for help with tax planning, bookkeeping, or corporate accounting, our team is here to assist you.

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