how much tax credits could we be entitled to?help please

dankerrysmum

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

cw18

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.

moo842

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.

mrsjanejane

The tax calculator give a completely different child tax credit amount than the entitled to website. What one is correct?

cw18

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)

JMW77

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 business

JMW77

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!