Tax credits is it worth it??

calleyw

I always thought that we where claiming all that we where entitled to. But for some reason I have had a play with entitled to today and with my figures I believe that I might be entitled to tax credits. I am rather :eek: as I never thought we might qualified. Husband is disabled so gets IB and DLA. I know DLA is not counted towards tax credits.

I normally work 30 hours plus a week. But on a odd week I might do less. So is it 30 hours averaged over a year. Or it has to be 30 hours + a week for 52 weeks a year. And does it matter that I did not do 30 + hours a week last year?

I am suprised but not sure if I really want go through the hassle of applying due to the horror stories I have read.

Also I believe it is only the interest from savings and not the actually captial that counts. e.g have 15K in an offset mortgage account but not getting any interest from it so not counted?

I feel I should know the answers as I hang around this forum rather a lot. But just wanted to confirm a couple of things before I make a decision of what to do.

Thanks in advance.

Yours

Calley

bestpud

It's an average of 30 hours so you will be under unless you sometimes do more than that to counterbalance the weeks you do less.

And, yes, it is definitely only interest over £300 a year that counts as income.

ETA: Saying that, do you work variable hours and mostly do 30 or are you contracted to work 30? That makes a difference.

PasturesNew

Re interest on savings ... when I tried entitled to it said my interest gives me an income of over £800/week so I wouldn't qualify... I wish I knew where I could get that rate of return! It's not the actual interest they look at, but their crazily high own figure that they make up. For income, I'm well below any point at which tax credits would pay out .... but that £800 interest per week they say I get knocks it out of the ballpark.

Indie_Kid

It's only taxable interest over £300 per year that counts.

calleyw

sh1305 wrote: »

It's only taxable interest over £300 per year that counts.

ISA's interest does not count I believe.


Yours

Calley

calleyw

PasturesNew wrote: »

Re interest on savings ... when I tried entitled to it said my interest gives me an income of over £800/week so I wouldn't qualify... I wish I knew where I could get that rate of return! It's not the actual interest they look at, but their crazily high own figure that they make up. For income, I'm well below any point at which tax credits would pay out .... but that £800 interest per week they say I get knocks it out of the ballpark.

When I did entitled to for Working Tax credits I am sure it never asked me how much I had in savings only if the interest was over £300.

When you go on to the next part about housing benefit and council tax benefit it asks you how much you have in savings. And then tells you how much interest you are earning.

Yours

Calley

Indie_Kid

calleyw wrote: »

ISA's interest does not count I believe.


Yours

Calley

Yes, that's correct. ISAs don't count.

http://www.hmrc.gov.uk/taxcredits/start/claiming/income-hours/other-income.htm

jw2003

I can't remember the name of the benefit off the top of my head but there is a carers benefit you might be able to claim. It's not Carers Allowance because that's capped at earnings of £100 a week but there is definitely something else - might be worth speaking to CAB, benefits advice centre, welfare officers etc for more info

sunnyone

jw2003 wrote: »

I can't remember the name of the benefit off the top of my head but there is a carers benefit you might be able to claim. It's not Carers Allowance because that's capped at earnings of £100 a week but there is definitely something else - might be worth speaking to CAB, benefits advice centre, welfare officers etc for more info

Shes working so thats not available either, I did post a thread about the new carers credit but no one was intrested.

calleyw

sunnyone wrote: »

Shes working so thats not available either, I did post a thread about the new carers credit but no one was intrested.

Well according to my Dr's surgery I am not a carer as I don't claim carers allowance so can't have a free flu jab :rotfl:

I am not sure if we going to claim it is not a huge amount but not sure if it will help with anything else.

I know that we can't get any means tested benefits as we have savings.

Yours

Calley

stephlou

Claim as you have absolutely nothing to lose. They can only say no at the worst so you wont be any worse off and if they say yes you will be better off