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Child Tax Credit Entitlement

Slinker_2
Posts: 27 Forumite
Hi im really confused about the different elements of the child tax credit and what im actually entitled to. Im married and my partner stays at home to look after my daughter (1 year old) , she recently came off of maternity pay and now receives nothing. I have the only household income which is 24,000 per annum and we don't pay for any childcare costs. I work 47 hours a week.
I have just completed my renewel form and checked my account and i have an amount of £122 been paid in from the Child Tax Credits.
This doesn't seem a lot to me considering what i earn and our situation, i was wondering how its worked out.I thought if i were paid under the 25,000 threshold then i would be entitled to more than that especially if my wife has no wage. Is this all based on last years wage even though our cirumstances have changed?
I have just completed my renewel form and checked my account and i have an amount of £122 been paid in from the Child Tax Credits.
This doesn't seem a lot to me considering what i earn and our situation, i was wondering how its worked out.I thought if i were paid under the 25,000 threshold then i would be entitled to more than that especially if my wife has no wage. Is this all based on last years wage even though our cirumstances have changed?
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Comments
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The cut off for one child, no disabilities and no childcare is £26,000, so at £24,000 you will have some entitlement but not a huge amount of CTC.
Your 12/13 claim will be based on 11/12 income initially. However, you can ask for it to be based on an estimate for 12/13 if your income falls by more than 2,500 or rises more than 10,000.
IQ0 -
Well you take your salary then deduct £6,420 and you are left with a figure which you multiply by 41%. So £24,000 less £6,420 is £17,580...41% of that is £7,208. Now you figure out your entitlement. WTC's pay £1,920 for the basic element, £1,950 for the second adult element, £790 for the 30+ hours element than add the child tax bits which are £545 for the family element and £2,690 for the child element. That totals £7,895 then you deduct the first figure of £7,208 leaving you with £687 per year in tax credits divided by 365 then multiply by 7 to get a weekly figure of £13 a week. You can get it 4 weekly at £52 every 4 weeks. It's not much....but it's something.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
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Thankyou very much for your time in replying, it answers the question i needed to know nicely....the whole thing still confuses the hell outta me though !0
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