how much tax credit?

maisie-jane

Hi, just wondered if there was anyone out there with a similar set of circumstances that could help. I'm due to go back to work and i was trying to get the tax credit calculator to help out, but as its only giving a figure til the start of April, it doesn't look right!
I'm a lone parent, three children, and am due to start work soon, on the minimum wage for 23 hours per week. What sort of child and working tax credit figures am i looking at? All kids are school age, and fit and healthy.
Thanks!

zagfles

Assuming no childcare costs...

If you've been on IS till now then you should get full rate WTC ie about £73 pw up till April 2012, then your income will reduce it slightly, but not much as you're only just over the 6420 threshold.

CTC you probably already get max rate so that won't change. You'll get a nice rise in April as the child element is going up by 255 per child (about +£15pw with 3 kids)

maisie-jane

Thanks Zagfles, thats helped a lot!

smnb08

sorry to jump in on this thread hope you dont mind!
that is the question i was going to ask.
i have just split up with my partner and need to put in a claim as a single parent but in the meantime i have been on the website and dont understnd it as it doesnt say how much per week just the rest of the year,
i have 2 children age 9 and 12 and i earn approx £1100 per month what sort of tax credits will i get?
obviously im worrying about the effect this is going to have on us financialy as i can afford the mortgage and the bills but theres not enough left to live on.
please help.

lauzellen

Is that £1100 before or after tax? What did your P60 state for your taxable income last tax yr (09/10)? How many hrs a week do you work? Would you have any childcare costs?

smnb08

hi sorry it is £1100 ish after tax. i work 25.5 hours per week (nights) so no childcare costs as family members will have the children.
p60 approx £16000

lauzellen

Ok based on £16000 last tax year from now until april you would be entitled to:

Elements entitled to: 1920 + 1890 + 545 + (2 x 2300) = 8955

Subtraction due to income: (16000 - 6420) x 0.39 = 3736.20

Entitlement for year (as if from april '09): 5218.80, so £100.36 pw


April '11 - April '12 Assuming income of approx 16000
Elements entitled to: 1920 + 1950 + 545 + (2 x 2555) = 9525

Subtraction due to income: (16000 - 6420) x 0.41 = 3927.80

Entitlement for year: 5597.20, so £107.64 pw


Ofcourse it may change slightly due to deviations from the exact 16000 income figure I have used. If your income is slightly lower that 16000 entitlement will increase and if higher than 16000 it will decrease.

smnb08

wow thank you thats great news.
obviously i will have less money coming in but with that and the savings you make being single i should be ok.
very relieved now thanx

lauzellen

Welcome If you want help cutting down costs I can recommend doing a SOA (http://www.makesenseofcards.com/soacalc.html) and posting it on the debt free wannabe forum.

Good luck