Tax credits dropped from £500+ to £42 - help!

zagfles

pink_princess wrote: »

I don t expect my children to care for me when I become old or sick .I hope I have earned and saved enough to allow me to be able to pay for care myself.

Infact I can't think of anything I would dislike more .I want my children living their lives not be wasting it taking care of me.

Or perhaps the NHS that I've paid into for years can pay for my care.

Who will you pay to care for you then? Someone else's kids? Better make sure that people are encouraged to have kids then!

What you pay in taxes now goes to pay for the NHS now. If you want an NHS when you're old then there needs to be a next generation to pay the taxes to fund it and work in it.

In 30 years time the majority of the work that our aging society needs will be done by the kids of today and the kids yet to be born. And they will pay most of the taxes too.

That's why the taxpayer subsidises them now.

zagfles

AnxiousMum wrote: »

There seems to be many who have had a good increase of income throughout the last year, have notified TC and still received the payments that they were receiving prior to the wage increase.

Could this be to do with the £25K disregard? Unless your income increased by £25K throughout the year (that you notified them of), and you gave them the correct details for the year before rather than an estimate, then your payments for the rest of the financial year would not have decreased. However, as of this week, the new financial year, your award is calculated on the new higher rate of income, therefore payments in TC have dropped.

Or.....have I missed something?

This probably explains it - the OP said in the previous year they earned "sweet FA" so they were getting a big payment up till April because of the disregard - but now they'll be assessed on their much higher income.

pensionworrier

Wow interesting reading! I am just amazed that op on similar HH income to my family were receiving £500 per month in tax credits. we were receiving far less than that! I have just received a letter today telling me because we are over £42k we are not entitled to anymore tax credit. Now we are just over the threshold the gross salary for tax credits is before deductions and salary sacrifice for childcare vouchers. I certainly do not feel rich on our HH and do not use the tax credit we use to receive on luxuries, or holidays (our child has never been on a holiday and he's 3).

We do have a mortgage and a car and high train costs as work in the city (public sector - very worried!) I love my job but when we subtract living costs childcare and travel from take home pay let alone mortgage and rent, student loan payments (and we do not shop excessively or have credit card/loans or debts) we find life a juggling act and have to be very thrifty. We will still ask for a renewal pack as we are on threshold but guess the cutoff point has to land somewhere We do not expect holidays or long for luxuries we just try to work to provide roof over our heads, fuel for our bellies and car and clothes on our bodies everything eslse (including the car) is our luxury.

melly1980

dktreesea wrote: »

And why shouldn't employers pay a decent wage for a decent day's work? Why should they be able to get away with paying peanuts, resulting in other tax payers having to supplement their employee's wages? After all, they are the ones making money (presumably) out of that employee, not the rest of us.

Sure, some jobs would end up going off shore, but there's plenty that wouldn't. Let's see, care workers, supermarket employees, anyone inemployed in the hospitality industry, school support workers like janitors/class room assistants/school bursars/canteen workers, people working in retail, cleaners (including those working for the NHS via an agency). Surely whoever is benefiting from the work being done should be the one to pay for it, not other taxpayers, regardless of how much the other taxpayers earn.

I hate to **** on your chips but most of them you named are publically funded anyway so it would still cost the tax payer to pay them more.

KimYeovil

Tax credits dropped from £500+ to £42 - help!

Excellent news if true. A couple earning £47K* receiving £2170 per month in tax credits is insane.

*Okay, not £47K. But if you weren't working part-time that is what your income would have been.

melly1980

KimYeovil wrote: »

Tax credits dropped from £500+ to £42 - help!

Excellent news if true. A couple earning £47K* receiving £2170 per month in tax credits is insane.

*Okay, not £47K. But if you weren't working part-time that is what your income would have been.

But its ok for those lower down to be topped up so that they have more disposable income than her?

Shelldean

KimYeovil wrote: »

Tax credits dropped from £500+ to £42 - help!

Excellent news if true. A couple earning £47K* receiving £2170 per month in tax credits is insane.

*Okay, not £47K. But if you weren't working part-time that is what your income would have been.

Kim

I'd say the £500 was per mth not per week.

FOURCANDLES_2

Well I thought the tory's said they would abolish tax credits for those on a one / combined income of 42k???? and is child benefit going to go for those also where only one earns 42k but if i is as the posters conditions joint it will remain , is this the bit Ken clerk was on about when he said I do not think the middle earners no whats coming and the Bit Gordon Brown was trying to get across in one of the debates. .

pensionworrier

FOURCANDLES wrote: »

Well I thought the tory's said they would abolish tax credits for those on a one / combined income of 42k???? and is child benefit going to go for those also where only one earns 42k but if i is as the posters conditions joint it will remain , is this the bit Ken clerk was on about when he said I do not think the middle earners no whats coming and the Bit Gordon Brown was trying to get across in one of the debates. .

I certainly wasn't expecting to be affected to this extent by the austerity measures but the tc will be sorely missed I applaud those who are surviving on lower incomes with more mouths to feed but do not feel the tax credits should create a possiblity for those who for what ever reason are on lower incomes/ part-timers to be in a better financial and work life balance because of tc than I am working in excess of 38 hours and my husband over 42 hours a week with extortionate child care costs and guilt of 'missing out' because trying to reach financial security. We are not extravagant people but feel that region should be considered as wages may be higher in the south but cost of living food etc is far higher too! -without wishing to get into a north/south debate!:D

neil277

Lets all get back to work and earn money for our family, why should the state keep other peoples children.

Thanks

Neil