Tc / wtc

Mimi_Arc_en_ciel

Hiya!

Wondered if you could answer something for me. Currently have 1 DD and recieve both CTC and WTC

Today I have been informed i might be entitled to a "second child element of tax credits" when DD2 is born

Is this right? DD2 wont be in (payable) nursery until September 2012 - Do they really need to know the moment she is born?

Icequeen99

Having a baby isn't something you MUST report to HMRC at any time, but if you don't you will miss out on child tax credits.

You get a 1 family element no matter how many children you have, but each child gets a child element, so an increase in your tax credits (unless your income is so high you only get the family element then it might not make a difference).

They will back date up to 3 months, from April 2012 that is reducing to 1 month so tell them as soon as you can.

Also remember to inform the Child Benefit office as you will get an additional amount from them as well

IQ

MamaMoo_2

Depending on your circumstances, your CTC could go up by up to £50 a week, and if you don't tell them, they may not backdate.
You can do it all over the phone as soon as your baby's born.
You also need to inform your council if you receive HB or CTC.

If you go to https://www.entitledto.com and type in your circumstances now, and then do a calculation with what your circumstances will be when your DD2 is born, you'll see the difference in entitlements

Notmyrealname

For each child you get £2500 a year CTC. So one child is £2500, two children is £5000. But only if you tell them...

Icequeen99

Notmyrealname wrote: »

For each child you get £2500 a year CTC. So one child is £2500, two children is £5000. But only if you tell them...

Although it is income dependent. Not everyone will get the full amount once the maximum award is tapered away.

IQ

zagfles

Icequeen99 wrote: »

Although it is income dependent. Not everyone will get the full amount once the maximum award is tapered away.

IQ

Though it will be in this case as the OP gets WTC, so max (untapered) CTC.

Icequeen99

zagfles wrote: »

Though it will be in this case as the OP gets WTC, so max (untapered) CTC.

Indeed, the OP did mention WTC so yes max in this case, it was a more general observation.

IQ

Mimi_Arc_en_ciel

So sorry! I forgot i had posted this - Thank you all for the replies.

Will have a look on entitled to - but is it accurate or will it be out by £XXX's ?? (Sorry just trying to look at finances and reassure myself i have taken everything into account)

zagfles

Mimi_Arc_en_ciel wrote: »

So sorry! I forgot i had posted this - Thank you all for the replies.

Will have a look on entitled to - but is it accurate or will it be out by £XXX's ?? (Sorry just trying to look at finances and reassure myself i have taken everything into account)

IME it is very accurate if you answer all the questions carefully, ie don't mix up gross and net, get the tax year right etc.