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Tax Credit Briefing discussion

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  • happy35
    happy35 Posts: 1,616 Forumite
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    £2000 seems very low against a salary of £6000, I would try and ring them to see if one of the advisors can do a calculation for you
  • oh_muggy
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    I heard somewhere that this years tax credits will take into account savings, if you have more than £16000 you cant claim. Does any one know if this is true?
  • claire111
    claire111 Posts: 285 Forumite
    First Anniversary Combo Breaker First Post
    edited 19 January 2011 at 2:48PM
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    evad1791 wrote: »
    my wife and i look like we`ll be separating and have tried to see how much wtc and ctc shed get on a working week of 16 hrs and a salary of 6000 pounds what i work out is about 2000 pounds on hmr website but other people on other sites in same wage senario are getting 4000 we have 2 children aged 15 and 10,any ideas anyone.


    Approx £160 per week

    HTH





    MUGGY -This is one of the 'new' rules about savings, to be introduced at a much later date when 'universal credit' is put in place 2013-2017
  • KevinG
    KevinG Posts: 1,879 Forumite
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    claire111 wrote: »
    MUGGY -This is one of the 'new' rules about savings, to be introduced at a much later date when 'universal credit' is put in place 2013-2017
    Do you have a source for this? Thanks.
    2kWp Solar PV - 10*200W Kioto, SMA Sunny Boy 2000HF, SSE facing, some shading in winter, 37° pitch, installed Jun-2011, inverter replaced Sep-2017 AND Feb-2022.
  • oh_muggy
    oh_muggy Posts: 35 Forumite
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    Thanks for that Claire, I was sweating that it was something on last years form that I'd missed, I was terrified that I'd been overpaid.
  • KevinG
    KevinG Posts: 1,879 Forumite
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    claire111 wrote: »
    Thanks, I'd seen that page, but do you know which of the many documents linked from there actually mentions the change to the way savings are taken into account for those currently in receipt of Tax Credits? This is a very significant change, particularly in times of low interest rates.
    2kWp Solar PV - 10*200W Kioto, SMA Sunny Boy 2000HF, SSE facing, some shading in winter, 37° pitch, installed Jun-2011, inverter replaced Sep-2017 AND Feb-2022.
  • oh_muggy
    oh_muggy Posts: 35 Forumite
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    I read through the whole lot - nearly fell asleep at times - and it definitely says that when the universal credits come in all capital over the high limit - but it doesn't give a figure - will be taken into account when working out your entitlement. Any amount of savings between the lower and higher amount will affect how much you get.
  • KevinG
    KevinG Posts: 1,879 Forumite
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    oh_muggy wrote: »
    I read through the whole lot - nearly fell asleep at times - and it definitely says that when the universal credits come in all capital over the high limit - but it doesn't give a figure - will be taken into account when working out your entitlement. Any amount of savings between the lower and higher amount will affect how much you get.
    Oh dear, so we'll be back to the notional 10% interest rates no doubt. Much fairer just to take into account the interest from savings (as with Tax Credits), otherwise anyone with savings is just going to blow the lot.
    2kWp Solar PV - 10*200W Kioto, SMA Sunny Boy 2000HF, SSE facing, some shading in winter, 37° pitch, installed Jun-2011, inverter replaced Sep-2017 AND Feb-2022.
  • DYNAMICPINK
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    I have also been on the receiving end of Tax Credits and over payments through no fault of my own. EVERY time I have a change I'm on the phone sometimes to be told I'm informing them to early and have to call back when the change happens!!
    My most current change was my childcare as it decreased-and there I was informing them asap. I waited 6 weeks and still no Credits change through my bank so as per usual I phoned back to ask what was happening and the reply was it hadn't be passed on to the appropriate department and they admitted that I had phone when I said I had so this would be processed that day. No apology or nothing. To the result there was an over payment due by me at a cost of £200 less a month from August-April when it then increases again.
    This has happened to me before and im ALWAYS re-phoning about a claim to avoid over payments. I always panic in case they say they have no record of me phoning and overpayment due.
    Some people say they hate change and if they've dealt with the Inland Revenue's useless Tax Credit system time and time again it should be a recognized phobia.
    So, the question is, where do we stand when its their fault they haven't dealt with our changes? We still get penalized for it, one rule for us, a million for them!! :mad:
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