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Working Tax credits calculation - reduction due to income
BowlerHat
Posts: 4 Newbie
Hello,
I have been given a working tax credits award with the following details:
It is based on 137 days where i have been working 30 hours a week. I am now working part-time.
Income (predicted) 2014/15: £7500
basic entitlement (137 days): £728.84
30 hour element (137 days): £301.40
Total: £1030.24
Reduction due to income: £550.92
can anyone tell me why my reduction is £550?
Ive researched it and apparently you take you take the difference between your income and £6420 and times it my the "tapering" percentage of 41%. So I make it £442.8 NOT £550.
Can anyone tell me why this is?
Many thanks!
I have been given a working tax credits award with the following details:
It is based on 137 days where i have been working 30 hours a week. I am now working part-time.
Income (predicted) 2014/15: £7500
basic entitlement (137 days): £728.84
30 hour element (137 days): £301.40
Total: £1030.24
Reduction due to income: £550.92
can anyone tell me why my reduction is £550?
Ive researched it and apparently you take you take the difference between your income and £6420 and times it my the "tapering" percentage of 41%. So I make it £442.8 NOT £550.
Can anyone tell me why this is?
Many thanks!
0
Comments
-
It was £10455.
Thanks0 -
ah that makes sense, thanks!
Just a quick question regarding the disregard. Will this be taken into account once I get my final award after April? as in it will go back to my income being assessed on the real amount not income+£2500?
Cheers!0 -
right, ok.
That is quite frustrating as I'll be a full-time student most of the 2015/16 tax year so will not be able to claim.
Thanks for your help.0
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