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can anyone help me work out
vintagegirl
Posts: 769 Forumite
what my new tax credits will be?
i currently earn around 11500, before tax. £825 per month, have one 12 yr old child and get £105.77 per week at the moment.
Any ideas? x
i currently earn around 11500, before tax. £825 per month, have one 12 yr old child and get £105.77 per week at the moment.
Any ideas? x
0
Comments
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may be best to give more info', single/partner, full/part time and any disabilities, any increase in income expexted
Be easier for someone to work outForums can be/are a good guide to entitlement and it is good practice to back it up with clarification from the relevant department/specialist with written confirmation to safeguard yourself.0 -
oh right thanks. well I work 37 hours a week, im single and no disabilities, childcare elements and no expected increase in income
x0 -
£109 per week
The child element has increased but this is reduced due to 41% instead of 39% reduced above the first threshold of £6420Forums can be/are a good guide to entitlement and it is good practice to back it up with clarification from the relevant department/specialist with written confirmation to safeguard yourself.0 -
thanks for doing that for me, i dont have a clue how it works. that would be good getting a few more £££ per week
im very grateful x0 -
How it works out:
545 family element CTC
1920 basic element WTC
2555 child element CTC
1950 lone parent element WTC
790 30 hour element WTC
Add above gives you Maximum amount of tax credits payable £7760
11500 (yearly income)-6420 (first threshold) =5080 x 41% (first withdrawal rate) =2082.80
Maximum amount of tax credits £7760 - £2082.80 = £5677.20/52 = £109.18Forums can be/are a good guide to entitlement and it is good practice to back it up with clarification from the relevant department/specialist with written confirmation to safeguard yourself.0 -
the mind boggles. do you think david cameron knows how to work it out haha0
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doubt it very much hehe in fact i'll take an educated guess and say NO!Forums can be/are a good guide to entitlement and it is good practice to back it up with clarification from the relevant department/specialist with written confirmation to safeguard yourself.0
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good grief allen35,am well impressed!
G0 -
im impressed
i know nothing about these things, as everyone has noticed haha0
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