Sadly the British economy seems to be in even worse trouble this year, despite government promises that their austerity measures would reign in the recession and its far reaching effects on our everyday lives. In light of this news we decided to take a look at the current situation for unemployment and found some rather shocking figures.
Contrary to the recovery promised by economists, Britain’s recession continues to bounce along in tandem with the rest of Europe and the world.
– 2.5 million in the UK are out of work
– 1.5 million in the UK need to claim benefits to tide them over until they can find employment again
Have you recently been made redundant and joined the 8% of Britons currently unemployed?
If so, the chances are you will need some financial support until you find another job. However, anyone who has investigated the benefits system will be aware of just how complicated it is!
Tax Credits
Tax credits are a benefit offered by the British government to those living on low incomes in Britain. Despite their name, “tax credits” are not related to the amount of tax you currently pay, or have paid in the past. Tax Credits vary according to your household income, number of dependents and age.
Working Tax Credits
Warning: These sound complicated (but don’t worry, help is at hand!
For example, a childless couple over the age of 25, working over 30 hours a week with an annual income of £17 000 a year is able to claim back £350/year in Working Tax Credits.
At the other end of the scale, a childless couple over the age of 25, working over 30 hours a week but earning £9,500 a year is able to claim back £3,425/year in Working Tax Credits.
This Benefits Calculator is available free of charge online and can work out exactly how much in Working Tax Credit you could claim. No Internet access? Visit your local library where the service is offered, also, free of charge.
Child Tax Credits
Those with children may be entitled to claim Child Tax Credits. Many low income earners are able to claim Child Tax Credits AND Working Tax Credits.
Again, the system used for calculating Child Tax Credits entitlement is a complicated procedure dependent upon:
– The amount you earn (those with zero income are entitled to the highest Child Tax Credits)
– The number of children under your care
– The amount you pay in childcare
Once again, the Benefits Calculator is available for you to use, absolutely free of charge, in order to work out exactly how much you are entitled to in both Working Tax Credits and/or Child Tax Credits.
So, if your income has suffered a sudden, unexpected drop as the result of reduced hours or redundancy, you will probably be concerned at how to support yourself and your family until such time as you find employment again.
As well as calculating your Tax Credits entitlement, the Benefits Calculator can also tell you how much you can claim in:
– Income Support, including Employment and Support Allowance, and Jobseeker’s Allowance
– Pension Credit
– Child Benefit
– Housing Benefit and Council Tax Support
The government has spent years refining the benefits system so that it can help YOU in your time of need. Calculate your benefits entitlement today to ease your financial hardship until you can, once again, find full-time employment.
