April 2011 - Better or Worse off?

Seashells

Can anyone tell me if they think I will be better or worse off come April.

I am single parent earning £15,000 a year. I have 2 children under the age of 16 and claim WTC and CTC. I notice the personal allowance is going up by £1,000 a year, but don't know how to work out my earnings for this and how much better of that will make me.

Also the changes to WTC and CTC come April, I think some elements of it are going up slightly?

I have looked on entitled to but there is nothing for April 2011. Can anyone help, I am trying to work out my finances and am getting worried.

Thanks.

malibusami86

i was advised by a csa last week that most payments will be decreasing due to tax cuts, not increasing., she advised me that the baby element of ctc will be scrapped too........ they cant calculate anything right now as their systems are changing so no idea what to expect really.

you could try calling your local office for guidance?

[Deleted User]

If you claim any childcare costs the percentage is reducing, I only pay 16.00 per week so not too worried about that.

Indie_Kid

Deleted_User wrote: »

If you claim any childcare costs the percentage is reducing, I only pay 16.00 per week so not too worried about that.

Currently it's a maximum of 80%. It'll be a maximum of 70%.

The child element (I don't know if that's the right name) is going up by more than inflation.

mitchaa

Seashells wrote: »

Can anyone tell me if they think I will be better or worse off come April.

I am single parent earning £15,000 a year. I have 2 children under the age of 16 and claim WTC and CTC. I notice the personal allowance is going up by £1,000 a year, but don't know how to work out my earnings for this and how much better of that will make me.

Also the changes to WTC and CTC come April, I think some elements of it are going up slightly?

I have looked on entitled to but there is nothing for April 2011. Can anyone help, I am trying to work out my finances and am getting worried.

Thanks.

You will be better off, CTC increases each year...

£2300pa per child 2010
£2555pa per child 2011

Baby element being withdrawn and Higher income threshold reduced from £50k down to £40k with the taper much heavier.
WTC has increased too

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

Your PA is also being increased from £6475 upto £7475 so you'll be better off in take home pay aswell to the tune of £30pm.

The government have actually cut very little.

zagfles

mitchaa wrote: »

You will be better off, CTC increases each year...

£2300pa per child 2010
£2555pa per child 2011

Baby element being withdrawn and Higher income threshold reduced from £50k down to £40k with the taper much heavier.
WTC has increased too

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

Your PA is also being increased from £6475 upto £7475 so you'll be better off in take home pay aswell to the tune of £30pm.

The government have actually cut very little.

They have for people on higher incomes, but most families on below average incomes will be a lot better off - less tax, less NI, and usually more in tax credits.