Keep everything you need close to hand when making the phone call â your UCAS Track number; a handy list of your grades, including your GCSEs; your personal statement; and the universityâs UCAS number, plus also its clearing code. Make notes as you go along.
A tax credit reduces the income tax you pay, while a deduction reduces the amount of your income that is subject to income tax.rom a practical perspective, both tax credits and deductions reduce your tax. The difference between credits and tax deductions centers around their process, not their effect.
Either way, you will complete Form 8962, Premium Tax Credit (PTC) and attach it to your tax return for the year. The credit is ârefundableâ because, if the amount of the credit is more than the amount of your tax liability, you will receive the difference as a refund. If you owe no tax, you can get the full amount of the credit as a refund.