Tax credit renewal - general questions (merged)

glassangel

oh_muggy wrote: »

I'm sure I heard somewhere that in the coming year tax credits would take savings into account and if you had more than £16000 you wouldn't be able to claim them. Does anyone know if this is true?

sorry im new here and cant seem to find out how i start my own thread can any 1 help please

andi2

Candy53 wrote: »

Does anyone know yet what happens when your ctc stopped this year because earnings above 26k? Our payment stopped on 2nd April, but we've had no letter, no renewal form. I expected it to be officially ended, but it feels as though things have just been left.

Candy

I found this (scroll down a bit to the chart) http://www.hmrc.gov.uk/taxcredits/keep-up-to-date/renew-claim/why-renew.htm that seems to suggest that for claims that are finishing the renewal packs have until 26th June to arrive.

dfarry

We've been waiting and wondering as well.... our last CTC was paid in May...

I've just been through the Tax Credit calculator and it would appear that our joint household income (I work 40 hours per week and my partner 7 hours... we have two children at school) now puts us over the limit and we will lose a much needed £41 per month..

Probably a typical story up and down the country.... no pay increase for years, 3% extra in pension increases, huge hikes in bills... just pleased interest rates are low at the moment. Austerity must be working... we've not struggled like this for around 20 years (I guess I should be grateful for that).... our family income is in recession!

Great!

yoda6519

my renewal has stopped my wife from getting hers but it states i work 40 hrs per week (i wish). I usually work 50-60 hrs a week, would this make a difference to the calcs or is it not taken into account?

as per yourself dfarry no pay rise, bills going up etc, we'll lose around £30-40 a month which with 3 kids is a pain in the backside (to be polite lol)

any help appreciated.

zagfles

yoda6519 wrote: »

my renewal has stopped my wife from getting hers but it states i work 40 hrs per week (i wish). I usually work 50-60 hrs a week, would this make a difference to the calcs or is it not taken into account?

any help appreciated.

No. If over 30 hours it makes no difference.

yoda6519

so i may as well do a job for the 30 hours for the same money and get the same in credits? why am i busting my balls?

oh yeah no other jobs hehe,

thanks for the reply bud.

bear70

Hi Everybody

I'm receiving JSA, housing benefit and Council Tax benefit Now, I'm thinking about signing off and declaring myself as self employed. This with a view to claiming working tax credits. According to CAB I should get £52.08 per week. So not that much less than JSA.

Can someone tell me if I signed off tomorrow and applied immediately for working tax credits how long I'd likely be waiting for my first payment? also how it this paid? Weekly, fortnightly or monthly?

As for my housing benefit I assume this would be stopped immediately i.e. when I sign off. So I would have to apply for this again. Does anyone know if this is correct?

Best Regards

Bear

zagfles

bear70 wrote: »

Hi Everybody

I'm receiving JSA, housing benefit and Council Tax benefit Now, I'm thinking about signing off and declaring myself as self employed. This with a view to claiming working tax credits. According to CAB I should get £52.08 per week. So not that much less than JSA.

Can someone tell me if I signed off tomorrow and applied immediately for working tax credits how long I'd likely be waiting for my first payment? also how it this paid? Weekly, fortnightly or monthly?

As for my housing benefit I assume this would be stopped immediately i.e. when I sign off. So I would have to apply for this again. Does anyone know if this is correct?

Best Regards

Bear

If you go self-employed you will need to prove you are working the hours you say are, so make sure you keep evidence, especially if you aren't making a lot of money initially. There are a lot of people who prendend to be self employed while doing essentially a hobby that they make a trivial amount from - HMRC are cracking down on this sort of thing so make sure you can prove the hours you work.

Tax credits are paid weekly or 4-weekly.

Sweeney1975

Tax credits and company car
My husband is already being deducted company car of 4515 from his tax code of 805l and can only earn 2430 before he charged tax. The ctc want the p11d cash equiv too, this would mean they would e adding another 4 k onto his salary and we will lose more money is this right cos it's already being deducted from his paye tax code , please help I'm very confused. This means his new tax code is 243l


If this in wrong thread I'm really sorry

bear70

zagfles wrote: »

If you go self-employed you will need to prove you are working the hours you say are, so make sure you keep evidence, especially if you aren't making a lot of money initially .

How about if I'm starting out as a freelance writer? And if my earnings were zero? There wouldn't really be any proof of my employment. Do you think they would accept this "declaration of self employment" and agree to pay the credits?

Best Regards

Bear