Working Tax Credit Help

flea72

Inespa85 wrote: »

Hello,
Thank you for the link. Just trying to work it out is the figure if you earn say less than £20000 a year you'd get £3475 or if you earn between £20000 - £25000 you'd get £3475. I hope that makes sense.
Also is there anyone i could go and see like the tax office etc to see what my options would be when i returned to work. At the moment i work 4 days and earn about £17000 but id rather work 3 days but its all dependant on money really as my OH works full time so i'm not sure what we'd be entitled to if i returned less like working tax credits etc as we dont qualify for these at the minute.

earn up to £20k you would get up to £3475 - earn betwen £20-£25k then its a sliding scale, so you would get somewhere between £3475 and £1525

look at the example on page 39 of the link i gave - thats the easiest for most two parents, 2.4 kids families to work from

so if you have two kids:

joint annual income less threshold of £6420 = excess income

max tax credit = £545+£2235+£2235+£1890+£1890+775+80%childcare)

max tax credit less 39% of excess income = award entitlement

play around with the figures, and you would then know whether its beneficial to drop hours or not

F