Tax credit calculation help

glitter03

Hi there,

Can anyone help me work out what tax credits i would receive in a scenario please?

My OH works full time and would earn £29,240 annually so once all tax and pension etc has been taken off it will be around £1650 a month.

We have 2 children. Own house with mortgage.

I wuld not be working.

Does anyone know approx what this would be....i have done the online calculation but want to see if i have done it right because i find them very confusing!

Thanks for any help

Pedent

The relevant income figure for the calculation is gross income minus gross pension contributions. (You can also deduct gross gift-aided charitable donations, if you make any.)

You haven't provided that figure, or enough information to work it out, so it isn't possible to answer your question.

Childcare costs (if any) will also affect the calculation.

zagfles

Pedent wrote: »

The relevant income figure for the calculation is gross income minus gross pension contributions. (You can also deduct gross gift-aided charitable donations, if you make any.)

You haven't provided that figure, or enough information to work it out, so it isn't possible to answer your question.

Childcare costs (if any) will also affect the calculation.

Childcare won't be claimable as the OP doesn't work (unless disabled etc).

glitter03

Hi i do work at the moment but i am just trying to see how much difference there would be if i was to not be working.

So no childcare needs to be calculated. No gift aid donations either.

He pays 144.55 a month into his pension at present so on the wages indicated above i would estimate he would paying approx £160-70 a month.

I am not sure on accurate amounts because he gets a payrise every Sept so on the 20th of Sept wages will go upto 29k annual

princessdon

You also need to factor the following

Your wages for this year (from April) are taken into account as it is annual. So you may not qualify for anything this year

Also they are changing to UC next year - so if you have savings they will look at those (or a house you own but don't live in etc).

zagfles

For this year it'll initially be based on your joint income (gross minus pension conts) last year, so if you were working then and also half this year you probably won't get anything till next April at the earliest. And even then it won't be much since there's a £2500 disregard for income drops.