Tax credits and employment help needed

storm35

Can someone help me understand how the tax credit system works please?
For now my partner works full time, i dont work, and we get £x amount child/working tax credit per week, if i was to get a job full time or over 16 hours, do i lose all the child tax credit and the working tax credit?? I cant understand it, i got interviewed for a job, but they say my little hours they dont have and would i take more than 16 hours per week, but i have no idea if i lose my tax credits? ?
Thank you in advance.

karenx

how much does your partner earn? Cut off for working tax credits is just under 18k combined do if both your wages come to more then you will lose that. But still get child tax credits. To claim the childcare element both of you must be working 16 hours plus per week

storm35

karenx wrote: »

how much does your partner earn? Cut off for working tax credits is just under 18k combined do if both your wages come to more then you will lose that. But still get child tax credits. To claim the childcare element both of you must be working 16 hours plus per week

Thank you, partner earns £13 grand a year, so if i got a job say full time, would they cut the working tax credit down?? Or will it remain the same as it is just now when i am not working?
How much is the child care element and is that only if you have child care costs?

nannytone_2

you would lose tax crdits but not child tax credits. if you both worked over 16 hours you would also get the childcare element

storm35

nannytone wrote: »

you would lose tax crdits but not child tax credits. if you both worked over 16 hours you would also get the childcare element

Thank you, the child tax is not much, and i dont need childcare costs so we would not get the child care element is that right?
would i lose all working tax credits, if thats the case its not worth me working then as the wages would not cover the working tax i would lose.
So fed up, want to work but it is not looking like it is going to work out, i would basically be working to put back the working tax cred i would lose?

themonkeybutler

Take the job. Your working tax credit will continue unaffected unless your job brings in an additional £25k before next april. CTC will remain unaffected too.

nannytone_2

how much tax credits do you get and how old is your child? you need to play around with the figures on entitledto to see what works best for you. i cant see that youd be worse off by working.

storm35

themonkeybutler wrote: »

Take the job. Your working tax credit will continue unaffected unless your job brings in an additional £25k before next april. CTC will remain unaffected too.

Oh dear, one tells me i will lose my working tax and you say i wont, i am confused now, so i can work over 16 hours and still keep my working tax credits?

storm35

nannytone wrote: »

how much tax credits do you get and how old is your child? you need to play around with the figures on entitledto to see what works best for you. i cant see that youd be worse off by working.

I did the checker thing and it was telling me i was due loads more than we are getting just now, it was way out.
Working tax we get £179 pw
Child tax we get £29 pw

Children
daughter is 19 this June and heading into her hnc at college
son staying at high school
Daughter 10yrs
son 5yrs

Caz3121

the entitlement tables are here http://www.hmrc.gov.uk/taxcredits/people-advise-others/entitlement-tables/work-and-child/work-no-childcosts.htm
so if you increase your household income by £10k from work you will lose approx £4k in tax credits, so still £6k increase.
However there is a £25k disregard so you 'may' not be impacted by this till next April - there is a sticky at the top about the £25k disregard

themonkeybutler

storm35 wrote: »

Oh dear, one tells me i will lose my working tax and you say i wont, i am confused now, so i can work over 16 hours and still keep my working tax credits?

You taking a job 16 hours, 5 hours, 500 hours, whatever, makes no difference as your partner is already working over 30. The only difference the hours YOU work would make is your entitlement to the childcare element of wtc. And it would be in your favour, if you pay for childcare.

Your award this year is provisionally based on your total household earnings last year. Unless your income rises by 25k plus between april 2010 and april 2011, your earnings wont affect your award. EG you eanred £13k last year, come april next year year youve earned 20k - your claim would be finalised on £13k, and your 2011-2012 award would be based on the 20k which is when you would expect to see a drop. For my sins, Im a tax credit officer, so I know what im talking about.