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CTC and WTC
ffacoffipawb
Posts: 3,593 Forumite
Is there a table somewhere which states...
Salary CTC pa WTC pa
£10k £575 £???
£15k £575 £???
£20k £575 £???
£25k £575 £??? etc
so that I can work out an optimal pension contribution to maximise CTC and WTC whilst still obtaining a reasonable income.
NB : Have a substantial amount of cash and shares savings (ISA'd and otherwise) so any capital or income means testing that takes account of this needs to be allowed for.
Salary CTC pa WTC pa
£10k £575 £???
£15k £575 £???
£20k £575 £???
£25k £575 £??? etc
so that I can work out an optimal pension contribution to maximise CTC and WTC whilst still obtaining a reasonable income.
NB : Have a substantial amount of cash and shares savings (ISA'd and otherwise) so any capital or income means testing that takes account of this needs to be allowed for.
0
Comments
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Not really. theres occassionally generalised tables issued as promo material, but its easy to work out your tax credits.
The technical manual is here
http://www.hmrc.gov.uk/manuals/tctmanual/index.htm
06/07 rates here
http://www.hmrc.gov.uk/rates/taxcredits.htmI no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0 -
CIS wrote:... its easy to work out your tax credits.
An interesting read; however looking at the "worked example" (attached below) I would hardly say it's easy!
http://www.hmrc.gov.uk/manuals/tctmanual/TCTM07APPX2.htm
I wonder how they (HMRC) ever get it right! _pale_0 -
If you want some help , fell free to PM me and i'll be happy to asisstI no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0
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yesbutnobut wrote:An interesting read; however looking at the "worked example" (attached below) I would hardly say it's easy!
http://www.hmrc.gov.uk/manuals/tctmanual/TCTM07APPX2.htm
I wonder how they (HMRC) ever get it right! _pale_
It appears that HMRC has problems calculating tax credits too!
The government has admitted it has massively overpaid tax credits0 -
Being the Inland Revenue, they've made even this worked example needlessly complicated. For instance using the factor of 122 (days inthe period) / 365 (days in a year) repeatedly throughout the calculation instead of singly at the end. Just looking at that I would say that is a day's work to write up.yesbutnobut wrote:An interesting read; however looking at the "worked example" (attached below) I would hardly say it's easy!
http://www.hmrc.gov.uk/manuals/tctmanual/TCTM07APPX2.htm
I wonder how they (HMRC) ever get it right! _pale_
To the OP, how does the (admittedly simpler) worked example in this account this account compare?
http://en.wikipedia.org/wiki/Working_tax_credit.....under construction.... COVID is a [discontinued] scam0 -
yesbutnobut wrote:An interesting read; however looking at the "worked example" (attached below) I would hardly say it's easy!
http://www.hmrc.gov.uk/manuals/tctmanual/TCTM07APPX2.htm
I wonder how they (HMRC) ever get it right! _pale_
I looked at this and although I have a higher maths qualification I think I need to go for a lie down.
I'll have another go at it later, I'm determined to play them at their own game.
Thanks to OP for the other sites.just in case you need to know:
HWTHMBO - He Who Thinks He Must Be Obeyed (gained a promotion, we got Civil Partnered Thank you Steinfeld and Keidan)
DS#1 - my twenty-five-year old son
DS#2 - my twenty -one son0
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