child tax credit from 2011 2012

Loopy_Girl

www.entitledto.co.uk

Put your details in and it will give you your benefit and tax credit entitlement.

Edit - to work out your childcare costs, you add up what it will cost over the year and then divide by 52...although have you checked with the nursery that they will keep your space open for 4 months?

Loopy_Loops

Thanks for your reply. I've looked at some calculators but it's a bit more complicated than that cos I can't find any calculator that takes into account the fact that I'll have a second baby in August, so I don't know how that will affect my tax credits.

Also, I won't be working for 4 months and haven't worked for the first month of the tax year, so I'm not earning, then I will be earning, then I won't be, then I will be again. The calculator doesn't take that into account, it just gives the option of working or not working. So how do I work out my tax credits for the year, taking all that into account plus also the fact that we would earn more than the £10000 disregard - how do I calculate that in also?

I'm so confused, can anyone help???!

Thanks,
Loops.

zagfles

Loopy_Loops wrote: »

Thanks for your reply. I've looked at some calculators but it's a bit more complicated than that cos I can't find any calculator that takes into account the fact that I'll have a second baby in August, so I don't know how that will affect my tax credits.

Also, I won't be working for 4 months and haven't worked for the first month of the tax year, so I'm not earning, then I will be earning, then I won't be, then I will be again. The calculator doesn't take that into account, it just gives the option of working or not working. So how do I work out my tax credits for the year, taking all that into account plus also the fact that we would earn more than the £10000 disregard - how do I calculate that in also?

I'm so confused, can anyone help???!

Thanks,
Loops.

OK, the income they use is always annual regardless of how many times your income or circumstances change. But your entitlement to any of the elements is on a daily basis, eg you'd only get the extra child element when your baby is born.

So for the income you need to use annual figures ie joint gross over the tax year. Use the lower of this year's and last year's, unless this year's is more than 10,000 greater than last year's in which case use this year's minus 10,000.

Then use these figures together with your circumstances at any given time to see what you'd get per week. You can model different scenarios this way.

Use the turn2us calculator https://www.turn2us.entitledto.co.uk/entitlementcalculator.aspx as I think the HMRC one can be misleading

Vycanismajoris

Just like to know if any of you guys have any knowledge of tax credits overpayments and making a claim against HMRC for loss of housing benefit because of an overpayment error of tax credits on their behalf.

If they overpay tax credits by £3000 in a year and ask you to pay it back but also you lose out on £3000 in the same year in housing benefit payments because of income included by tax credits where does a person stand on taking HMRC to court to recoup the housing benefit they lost out on?

Kindest thanks in advance.

Hoopla

Hi, I'm seriously confused so could someone help me out with my calculation for 2012? My partner and I earn £33000 between us, he works 35 hours and I work 17.5 (although I'm currently on maternity leave) and we have 2 children. Next year our childcare will cost us around £100 a week. Will we still get anything in the way of tax credits?

no-oneknowsme

Try putting your details into http://www.entitledto.co.uk just to see what figures it gives you.

choksivimal

Hello guys,

I dont understand at all. Could you all please help me with the calculations for year 2012.

Currently I am working for 50 hours and Mrs works for 25 hours. we have no child care costs and no disabilities.

We are couple with 2 kids jointly earning £34500(before tax) per year. Based on this what would i be entitled for the year 2012?

I am thinking of reducing my hours to spend more time with my family and if that happens our income would drop by £5500. In that circumstances what changes would i see in my child tax credit entitlements.

I would be grateful if you could explain the calculations. Thanking you in anticipation.

choksivimal

zagfles wrote: »

When working out what elements you are entitled to forget income. If you are working >16 hours and have kids then you ARE entitled to WTC. You may not actually get any because of your income level BUT the WTC elements are used in the calculation of your CTC amount, as follows....

Assuming you work 30+ hours, 5 kids, no childcare, no disabilities etc, on 36k, your entitlement next year is:

1920+1950+790+2555*5+545 = 17980

Reduced by 41% of income over 6420:

(36000-6420)*0.41 = 12127.80

Makes £5852.20

Hi,

I dont understand at all. Could you all please help me with the calculations for year 2012.

Currently I am working for 50 hours and Mrs works for 25 hours. we have no child care costs and no disabilities.

We are couple with 2 kids jointly earning £34500(before tax) per year. Based on this what would i be entitled for the year 2012?

I am thinking of reducing my hours to spend more time with my family and if that happens our income would drop by £5500. In that circumstances what changes would i see in my child tax credit entitlements.

I would be grateful if you could explain the calculations. Thanking you in anticipation.

SkyeKnight

This site is quite good for just calculating Tax Credits:
http://www.familynest.co.uk/Tools/Tax-credits-benefits-calculator/

mummyfie

just had my letter confirming that child tax credits will end from April 2012 because our joint income is too high! "The child tax credit income limit is £26,000 for both single and joint households."we earn about £31,000 before tax between us ,we have 3 children but only one that qualified in the last year, i guess things are going to get even harder for loads of families to budget now.