Total wage plus benefit from April

flyingember

Hi

Is it possible to work out how much I will receive in wages and benefits from April? I work full time and earn £13000 per year, I am a home owner with 2 teen aged children still at school.

My budget is very tight so it would be very useful to know.

Thanks

FE

zagfles

flyingember wrote: »

Hi

Is it possible to work out how much I will receive in wages and benefits from April? I work full time and earn £13000 per year, I am a home owner with 2 teen aged children still at school.

My budget is very tight so it would be very useful to know.

Thanks

FE

Good news - you'll pay less tax, less NI and probably get more in tax credits. But if you have other benefits eg council tax they may reduce because of this.

You'll save about £270 in tax & NI, and (assuming no childcare, no partner income) you'll probably get £438 more in tax credits.

plymouthargylebird

I'm wondering what I'm entitled too as well.
My dh will earn about 15300 this tax year. We don't recieve HB/CTC

flyingember

Hi

Thank you fagfles, it is good news. Can you tell me how you worked it out? I'm sure it would help others.

Regards

fe

zagfles

flyingember wrote: »

Hi

Thank you fagfles, it is good news. Can you tell me how you worked it out? I'm sure it would help others.

Regards

fe

Tax allowance is going up £1000 saving every basic taxpayer £200. Higher rate threshold being reduced to cancel this for higher rate payers (income over £42k) but they'll get a bit of inflation increase.

NI threshold being raised and rate going up 1%, break even at about 20k, anyone earning less than 20k saves about 1% of earnings under 20k and anyone earning over 20k loses 1% loss of earnings over 20k, eg 15k will save £50 a year, £25k will lose £50

Tax credits child element going up £255 per child so most families on low incomes will be better off, but other changes such as childcare reductions may cost them more. Withdrawal rate for tax credits going up which will affect people on higher incomes more.

Basically the changes are quite redistributive, the poorer are generally better off and the richer worse off.

But there's a march in London next month to protest against this...