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.
A taxpayer with too little income to have tax liability will not benefit from the deduction. In tax year 2015, a typical married couple with two dependents would need to have $28,600 of gross income before owing any state income tax. The credit, in contrast, directly reduces tax liability and is fully refundable.