Tax credits 2013/2014

annie1975_2 · 28 June 2012 at 10:23AM

Had my tax credits award notice which states i will receive £37.64 per week for the coming year...last year we were getting the minimum £10,because my husband earned £26,000.This year he has got a less paid job.
On my notice at the bottom it states payments in 2013/2014,these are the payments we will make provisionally.They take account of changes that we can predict-example a child reaching 16... from 8/4/2013 £61.04,then £57.27 every week til further notice...
Is it going up to that much next year because they disreguard the £2,500,this year?
Thanks for any help with my query.

cazj80 · 29 June 2012 at 8:32AM

It sounds like it, we're in a similar position as having the £2500 disregard applied this year, I'm just waiting for my new tax credits award notice to come through after renewing a couple of weeks ago, so I'm expecting it to say something similar.

Sorry, that's probably not much help really as not a definite answer!

annie1975_2 · 29 June 2012 at 10:36AM

Thanks that does help.Ive had notices before,but its never given me a figure for what i will get next year before.

Horseunderwater · 29 June 2012 at 10:52AM

annie1975 wrote: »

Had my tax credits award notice which states i will receive £37.64 per week for the coming year...last year we were getting the minimum £10,because my husband earned £26,000.This year he has got a less paid job.
On my notice at the bottom it states payments in 2013/2014,these are the payments we will make provisionally.They take account of changes that we can predict-example a child reaching 16... from 8/4/2013 £61.04,then £57.27 every week til further notice...
Is it going up to that much next year because they disreguard the £2,500,this year?
Thanks for any help with my query.

Hello Annie
The prediction is based on your combined estimated income from this current year which you said had gone down due to your OH changing his job. If it is more than the income disregard £2.5k, then what happens is that they only take the excess into consideration, so if income goes up by more than the £2.5k - it may be for example £5K more than this year - you'd only have the 41% reduction on £2.5k of the extra income not the full £5k. However for current year limit is set at £10k - but I think next year it will be set at £5k. Therefore as your income has gone down overall, even with any pay increases that may come along, then you may well get more money next CTC year. I assume that as you only got £10/week last year and that OH earned £26k that you only have the one child for which you claim. No child care to pay for. The limit was £30k for earnings, where as this year it is £26k. So providing that you earn less than that then you may well get a bit more per week. If your income does not attract O.time or any bonuses etc We are roughly similar with our circumstances. Except my daughter is now 16, so I have had to renew my claim as she intends to continue further non advanced education beyond sept 2012. CTC etc is lost automatically exactly 148 days after 16th Birthday new tax year from 6th april-31st Aug. They write and tell you that. Am halfway through renewal.

annie1975_2 · 29 June 2012 at 11:02AM

Horseunderwater wrote: »

Hello Annie
The prediction is based on your combined estimated income from this current year which you said had gone down due to your OH changing his job. If it is more than the income disregard £2.5k, then what happens is that they only take the excess into consideration, so if income goes up by more than the £2.5k - it may be for example £5K more than this year - you'd only have the 41% reduction on £2.5k of the extra income not the full £5k. However for current year limit is set at £10k - but I think next year it will be set at £5k. Therefore as your income has gone down overall, even with any pay increases that may come along, then you may well get more money next CTC year. I assume that as you only got £10/week last year and that OH earned £26k that you only have the one child for which you claim. No child care to pay for. The limit was £30k for earnings, where as this year it is £26k. So providing that you earn less than that then you may well get a bit more per week. If your income does not attract O.time or any bonuses etc We are roughly similar with our circumstances. Except my daughter is now 16, so I have had to renew my claim as she intends to continue further non advanced education beyond sept 2012. CTC etc is lost automatically exactly 148 days after 16th Birthday new tax year from 6th april-31st Aug. They write and tell you that. Am halfway through renewal.

Yes only got 1 child,his income has fallen about 8 to 9 grand on last years..We now get £37 a week,but only for the £2500 it would have been the £57...

Horseunderwater · 29 June 2012 at 11:45AM

Makes a bit more sense now. If your income is approx £17-£18k per year - you will get more CTC now. For you income last year £26k - this year £17-£18k so add £2.5k to that figure and this will be your new income so £20.5K for current credit year. Leaving £5.5k on which CTC will be payable to bring you upto £26k limit if that makes sense.

Tax credits 2013/2014

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free