Tax Credits Help...any Expert Out There?

stephen25uk

Hey folks,my wife and i are expecting our first baby in november and we are trying to work out approx how much tax credits we should get,i have been on entitled to and taxcredits website and several others and all give vastly differnt figures any haelp or advice would be great my situation is.

i am basing these earnings on what we will make 2008-2009

my salary .........£20500
my wifes wage £4500...i got to this figure by talking away 20x£100 for materninty pay.

so total house hold income of 25000

i have 2 kids soon to be 3
an 8 year old,a 2 year old and soon 1 newborn

as i said trying to get an idea of what i am entitled to from november on after the birth of our 3rd child

many thanks in advance

banana1975

Hi

I can't help you with all your questions but can tell you that you can deduct 39X 100 for your wife's SMP.

Do your other two children live with you and not on another tax credit claim?


If they are with you then you would def get something from tax credits as the rate increases the more children that you have.

HTH.

stephen25uk

children all live with us

i deducted 20x£100 maternity pay for 2008-2009 the other 19 weeks will be deducted from 2009-2010

stephen25uk

ok i have had a look at the tax credits website and i have worked a couple of things out..maybee someone with some knowledge couldcheck for me

i think i am entitled to

1 family element £545
1 new baby elemanet £545
3 child elements £6255

giving a total of £7345

income theshold is £15575 so the differnce between my earnings anf the threshol is approx £10000 with the withdrawal rate being 39% this is £3900 from my total giving me £3445 a year tax credits...is this correct...maths aint my strong point

stephen25uk

back again...sorry about all the questions.

just dug out my award for 2008-2009

and the total for the year is 1982.56 = 38.12pw .. which is pretty much what i am getting

my award is based on a household income of 24500

so i would have thought with another child it would be 1982.56 + another child element of 2085 + new baby element 545

giving a total of 4612.56 = 88.70pw...does this sound right?

there was a nice lady on here called subsoniccayote who helped me out before and was really helpfull and good with figures

stephen25uk

just been on the entitled to website and pretenede i had 3 kids all born before 2007 and i am entitled to 4056 tax credits

when i went back in and put the date of my third child as may this year i am entitled to 1977.30....very strange its taking almost to the pound a child element from my claim instead of adding a new baby element like i thought it would

blueocto

To be fair, I think you'd be hard pressed to find an 'expert' able to work out the Tax Credits calculation.
HMRC staff are given a basic rounded off version of how to calculate it, and even that is severely complicated to do.
All calculations are done by the Tax Credits computer system, which I would assume they would use a similar/simpler version of for the online calculator.

So you are bound to get different quotes all over the place...

[Deleted User]

stephen25uk wrote: »

back again...sorry about all the questions.

just dug out my award for 2008-2009

and the total for the year is 1982.56 = 38.12pw .. which is pretty much what i am getting

my award is based on a household income of 24500

so i would have thought with another child it would be 1982.56 + another child element of 2085 + new baby element 545

giving a total of 4612.56 = 88.70pw...does this sound right?

there was a nice lady on here called subsoniccayote who helped me out before and was really helpfull and good with figures

Subsoniccoyote is only a nice lady at the weekend "she" is actually a respectable bloke the rest of the week!

I have done a rough manual calculation based on the income figures and the number of children.

It shows CTC entitlement as approx £84 p/w.

stephen25uk

subsoniccoyote wrote: »

Subsoniccoyote is only a nice lady at the weekend "she" is actually a respectable bloke the rest of the week!

I have done a rough manual calculation based on the income figures and the number of children.

It shows CTC entitlement as approx £84 p/w.

lmao....:rotfl: sorry mate dunno why i presumed you were a woman.....cheers for all the help