MSE News: Families must prepare for tax credits cut
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"Hundreds of thousands of benefits recipients will see a dramatic fall or even an end to their tax credits under a raft of reforms next month ..."
"Hundreds of thousands of benefits recipients will see a dramatic fall or even an end to their tax credits under a raft of reforms next month ..."
Read the full story:
Families must prepare for tax credits cut
Families must prepare for tax credits cut
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Comments
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The "Working tax credit eligibility Maximum household income" table makes no sense at all!
ETA: just worked out it's based on max childcare costs and includes CTC.0 -
I've given myself a headache trying to do the maths!
It says families with 2 children will still get some tax credit up to the max of £32,200 but by my calculations it runs out before reaching the £32,200 quoted. I give up
I won't get it anyway because they add so much on for the company car - I was just curious after talking to a friend about the figures, and she thought she'd still get the family element.52% tight0 -
£32200 is correct with 2 kids, if working 30+ hours.
The article is a bit misleading as it implies WTC and CTC are separate things calculated separately. The £15860 threshold only applies to those not entitled to WTC, those who are get the WTC elements and the threshold of £6420.
For someone working 30+ hours with 2 kids the threshold is (1920+1950+790+2*2690+545)/0.41 + 6420 = 32237.0 -
God yr good!! Get more sense from you than anyone on phone!! lol xxxThe feeling i got when i confirmed my place studying criminology at Exeter Uni was brilliant!!!!!
The pride my children told me they had in me was even better!!!!! # setting positive example to children is OUTSTANDING!!!! !:grouphug::grouphug::smileyhea:smileyhea:smileyhea:smileyhea:smileyhea:smileyhea:smileyhea0 -
I give up trying to work it out. I knew we'd get little for 2. were ttc number 2 now but we would like 3. Its the help towards number 3 I wanted to know, if we could afford it before planning it (full time nursery 1.4k at least) buut when I called the said the 32k for 2 kids was the top thresh hold, that there were no more for 3 and 4. If they dont know I havent got a prayer! lol4 children, 2 cars, 2 full time working parents, large detached house and the will to save every money saving penny we can0
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£32200 is correct with 2 kids, if working 30+ hours.
The article is a bit misleading as it implies WTC and CTC are separate things calculated separately. The £15860 threshold only applies to those not entitled to WTC, those who are get the WTC elements and the threshold of £6420.
For someone working 30+ hours with 2 kids the threshold is (1920+1950+790+2*2690+545)/0.41 + 6420 = 32237.
Just to add clarification: people NOT entitled to WTC aren't people who earn too much to get it. They're people who aren't working - or aren't working enough to be entitled to WTC - but have children, so are entitled to CTC.0 -
Can someone explain to me if Working Tax Credits are changing for those with disabilities? We currently have to work 16 hours or more - is this staying the same please? I'm worried."There is no medicine like hope, no incentive so great, and no tonic so powerful as expectation of something better tomorrow." - Orison Swett Marden0
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If the amounts are changing then should a letter have been sent out by now? Not easy to budget if no-one is going to tell us how much we will be getting. I haven't had anything from them regarding a change and I won't be best pleased if they just change it. I am still trying to recover from the last change which saw me lose £50 pw without warning
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Hiya, I wonder if anyone can help me here. Does anyone know how the change will effect me please! My partner is currently looking for work and reiceves no benefit but is in the system, he wasnt entitled to any extra cash when I was working as I was earning to much apparently with my wage+child tax credit+working tax credit combined.Currently I am on maternity leave until June 2012 and receive working tax credit and child tax credit plus my weekly wage minus 10%.The problem is the hours i used to work were 18 hours a week and I have no way of changing them unless I actually go back to work early I'm really not ready to go back as the little one is too little at the moment. If I stop getting working tax credit I will lose 70 pounds a week bringing our whole household income in at roughly 190 a week including child benefit.I just need to know how it will Affect us. If anyone can shed some light I would be grateful , thanks:) 0
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I wish I had the second posters problem. We are a family of 4 on a COMBINED income of £5058 per year. Oldest daughter at college full time with a 4 hour a week job which pays £24 a week of which the bus fairs to and from college every week is £29, youngest daughter at school, husband seeking work. I have asked my employer to up my hours but its a charity so they cant. We have both been looking for work with more hours but have not been successful. I started making crafts with the view of starting a small business selling crafts but when I phoned WTC for some advice they said it was not a viable business. So we are now set to lose the £74 a week WTC which made it worth my while to work. I'm thinking maybe I should give up my job, sign on the dole and then be £10 a week better off than I would when working. Wheres the incentive to work in that? Before you all get on your high horses, I'm not actually going to give up my job but you can see my point.0
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