Help please re tax credits calc for next year

keithing-ger

Does anyone have a source or link to establish what I am likely to receive next year?

As I understand things we are paid based on our income for last year. In my case this was £10,493 for 09/10. 10/11 is likely to be around £17,750 so looking to establish how much of a drop we are likely to get come 6th April 2011.

The HMRC one and Entitled To websites dont seem to provide that information.

Thank you lovely people!

zagfles

https://www.hmrc.gov.uk/rates/taxcredits.htm

mummyroysof3

i am also trying to find out what our tax credit payments will be next year and am confused, can anyone help please?

Blue22

Every extra £ you have earnt will reduce your tax credit award by 41p. So take income 10/11 subtract income 09/10 then multiple by 0.41. This will give the amount your tax credit will be reduced by from April 2011

In your case (17750-10493)*0.41=£2975 less per year.

Having said that a couple or lone parent will see their award increase by £60/year after April and will also get an extra £255 for each child.

There are also other small changes that may influence your award if you claim for childcare, over 50, baby under 1 or disability elements.