Can someone please work out Tax Credits for Next year

carole740

3 children (15, 11, 4 years) 1 with disability

Income - £27000 - (partners wage)

Carer's benefit - £2580 (which i claim i dont work)

30 + hours a week

No child care.

Many thanks

bells123

I need mine working out too. If anyone can help
Couple. Joint income 42500
Husband 36000
Me 6000

3 kids. 1 6 9. All in childcare

Childcare 133 per week

Thanks in advance

lauzellen

Carole... this is how i've worked out your award for from April:

Entitlements: 1920 + 1950 + 790 + 545 + (2555*3) + 2800 = 15670 (assuming not severely disabled)

Reduction due to income = (29580 - 6420) * 0.41 = 9495.60

Over all entitlement = 15670 - 9495.60 = 6174.40 = £118.73 pw

lauzellen

Bells... for you

Entitlements: 1920 + 1950 + 790 + 545 + (2555*3) + (133 *52 * 0.7) = 17711.20

Reduction due to income = (42500 - 6420) * 0.41 = 14792.80

Overall entitlement = 17711.20 - 14792.80 = 2918.40 = £56.12 pw

bells123

Thanks. For that
I'm also trying to work out if I'm better off
This way. Or. If my husband. Who will be
On the higher rate tax in April should take
Childcare voucher so then he will then be under
The higher tax band. And then in 2013 still
Be able to claim child benefit
Or. Can I claim both. 243 in voucher and the rest
Tax credits. Or won't I get tax credits because I get
Vouchers

It's so confusing !!!!!

lauzellen

It may be closer to £50pw bells as forgot about the 2nd withdrawal rate being taken from 50K to 40K as of april

lauzellen

You can only claim the amount in tax credits that isn't covered by the vouchers... you would more than likely be better off by taking some vouchers as will still get the child benefit if means hubby not in the higher tax rate - for 3 kids thats a lot per month in child benefit really and also your income for tax credit purposes will have reduced...

bells123

Thanks. It's all so confusing !!!! Lol

lauzellen

Bells... if you income was reduced by using the vouchers this would be your calculation...

243 pcm in vouchers = 2916pa off income

you would still be able to claim for 76pw childcare (133*52 - 2916)/52

Entitlements: 1920 + 1950 + 790 + 545 + (2555*3) + (76 *52 * 0.7) = 15636.40
Reduction due to income = (39584 - 6420) * 0.41 = 13597.24
Overall entitlement = 15636.40 - 13597.24 = 2039.16 = £39.21 pw

But you will still be eligible for child benefit of £47.10 pw that you wouldnt if hubby was higher rate tax payer.

HTH a little

bells123

So if I take the vouchers. That takes
Our joint salary to
39000
And my Childcare to 65 per week
What's my entillment now ?

bells123

Omg. Your amazing. You already answered my
Question. Thanks so much.