Could someone lovely plz help:0(

spartacusthe1st

I wondered if some one could work out my tax credits for me :0)

Hubby earned 12500 last year and estimated to earn 25000 this year. I am going to be ringing up this month to let them know about the massive change in wages but I wondered if anyone could work out what I will get?

Hubby works 45 hr week
2 kids ages 6 and 3
I don't work
Estimated earnings this year 25000

Thanks for your help

enabledebra

They will use £15000 as income this year as they disregard the first £10000

http://www.hmrc.gov.uk/taxcredits/people-advise-others/entitlement-tables/work-and-child/work-no-childcosts.htm

The table here estimates £7025 for 12/13

To undo edit

spartacusthe1st

Thanks that makes me feel a bit better!!
Can anyone use their bigger brains (than mine!) to work out how much it all divides in to a month?

enabledebra

It depends how much you have been paid to date on the basis of the lower income from 11/12.

Roughly, check what has been paid into your bank in respect of this year's award to date and deduct it from the £7025 12/13 estimate. Then divide the remainder by the months you haven't had payment for yet this tax year (6?) and that's what you are entitled to get each month for the remainder of the tax year if there are no further changes to your circumstances.