Childcare Tax Credit Ready Reckoner discussion

Former_MSE_Wendy

:starmod: This thread is to discuss the new Childcare Tax Credit Ready Reckoner :starmod:

in the Childcare Costs guide

Please click reply to discuss

autopilot

This a big problem with the reckoner, or something you should at least point out to avoid confusion - the total household income box does not properly recognise a "," for separating thousands, but instead sees it as a decimal point.

We thought we could get plenty of help, until i realised that your tool actually thinks £35,000 is £35.

Most people use a "," including yourselves all over the site in in the actual article. £35000 get's me the right figure - which i only found out after a very disappointing phone call to HMRC.

Makes me wonder if the actual articles assertion, about how many people are missing out on, is at all correct now.

Former_MSE_Wendy

Thanks autopilot, this has been fixed.

baxbya

hi
I used the approx calcutor on here and then the official one and get massive differences -

based on 24000K, working 30hours, single mum claiming 170 per week with one child, on here it says i'd get

You're likely to get around £124 childcare credit per week, that's £6450 per year.

Why? Because in your circumstances (income level, number of children, relationship status) it's 80% of eligible childcare costs after the first £15 up to maximum of £130 per week.

You could also get around £10.50 Child and/or Working Tax Credit per week, which is £545 per year, although when you use the HMRC calculator it may be lumped together or displayed differently.

on hmrc one it says
[URL="javascript:DoGlossary('childtaxcredit')"]Child Tax Credit[/URL]£1852.86Childcare element of Working Tax CreditmWHEN 170£2886.29Sub total£4739.15[URL="javascript:DoGlossary('workingtaxcredit')"]Working Tax Credit[/URL] (less the childcare element of Working Tax Credit)£0.00Note: The childcare element of Working Tax Credit will always be paid direct to the person who is mainly responsible for caring for the child or children, alongside payments of Child Tax Credit.Total£4739.15


they're big differences, have I done something wrong?

thanks

Macro_3

baxbya wrote: »

hi
I used the approx calcutor on here and then the official one and get massive differences -

based on 24000K, working 30hours, single mum claiming 170 per week with one child, on here it says i'd get

You're likely to get around £124 childcare credit per week, that's £6450 per year.

Why? Because in your circumstances (income level, number of children, relationship status) it's 80% of eligible childcare costs after the first £15 up to maximum of £130 per week.

You could also get around £10.50 Child and/or Working Tax Credit per week, which is £545 per year, although when you use the HMRC calculator it may be lumped together or displayed differently.

on hmrc one it says
Child Tax Credit£1852.86Childcare element of Working Tax CreditmWHEN 170£2886.29Sub total£4739.15Working Tax Credit (less the childcare element of Working Tax Credit)£0.00Note: The childcare element of Working Tax Credit will always be paid direct to the person who is mainly responsible for caring for the child or children, alongside payments of Child Tax Credit.Total£4739.15


they're big differences, have I done something wrong?

thanks

I beleive the HMRC calculator only works out your entitlement for the year as if you had applied for the benefit today - so the result is what you would be entitled to from now until the end of the tax year. The MSE calculator does it for the full year.

baxbya

thanks for reply - so to work out how much I get per week for child care element tax credits, I'd do 4739.15 / 31 (no weeks left til end of tax yr)? = 152.88 per week?