how much tax credits could we be entitled to?help please
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dankerrysmum
Posts: 57 Forumite
hi,i have tried all different benefit calculators on the net ,but each one has different answers!
anyway heres a basic run down ,any rough estimates of how much tax credits we could get would be much appreciated.
oh and i will be running our own business we split the hours and income ,both doing 20 hours each and earning £5,000 each just below the tax threshold,so joint income of £10,000 with no income tax ,have 2 kids 5 and 9 and mortgaged up to the hilt!!
any ideas on tax credits in laymans terms please,lol
anyway heres a basic run down ,any rough estimates of how much tax credits we could get would be much appreciated.
oh and i will be running our own business we split the hours and income ,both doing 20 hours each and earning £5,000 each just below the tax threshold,so joint income of £10,000 with no income tax ,have 2 kids 5 and 9 and mortgaged up to the hilt!!
any ideas on tax credits in laymans terms please,lol
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Comments
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The Tax Credits Calculator (which I find to be the most accurate) indicates that for the rest of this tax year (if making a totally new claim now) you would get £1009.32 as CTC and £622.82 WTC.
As this only covers 78 days, the annual figures are £4723.10 CTC and £2914.47 WTC (or £90.58pw CTC and £55.89pw WTC)
This assumes no child-care costs and no-one in the household over 50 or eligible for disability premiums. The calculator works on self-employed profits, but I'm not sure how that compares to earnings taken from a business (So I've just stuck in £5k each for this)
ETA: Tax Credits aren't interested in mortgage payments or balance, so it makes no difference whether you have a huge mortgage or no mortgage at all.Cheryl0 -
The hours and wages you are stating do nt meet minimum wage requirements are they correct?? What are you weekly figures and i'll work out what you should get.0
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The tax calculator give a completely different child tax credit amount than the entitled to website. What one is correct?0
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I've always found the Tax Credits one to be within a couple of quid. I don't trust entitledto one little bit (has always told me things I can't get, and missed things I can - but there are so many different benefits I'm not really surprised)Cheryl0
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dankerrysmum wrote: »hi,i have tried all different benefit calculators on the net ,but each one has different answers!
anyway heres a basic run down ,any rough estimates of how much tax credits we could get would be much appreciated.
oh and i will be running our own business we split the hours and income ,both doing 20 hours each and earning £5,000 each just below the tax threshold,so joint income of £10,000 with no income tax ,have 2 kids 5 and 9 and mortgaged up to the hilt!!
any ideas on tax credits in laymans terms please,lol
Hi, Surely if you are self employed and it is your own business0 -
Hi,Surely if you are selfemployed you obviously earn more than £5000 each you just pay yourself that amount but you get taxed on all profit regardless of how much you earn .
Just that i am in this position but our tax is always quite high even though we only pay our selves a small amount well enough to live on!0
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