MSE News: Summer Budget 2015: Millions to face benefit cuts

SkyeKnight

sunshine1980 wrote: »

I have used the Telegraph calculator which says I will be £1515 worse off. I am assuming this is wrong because the CTC should be lowered from its current figure so will lose more from my tax credits award. I am a single parent and earn £10450. Does anyone know how much more might be knocked off my award?


If I have totally misunderstood please correct me!

The Telegraph seems to be giving the highest loses so the figure you have is probably the worst it is going to be.

mel48rose

Could someone confirm when the CTC changes take effect please?

mel48rose

blondebubbles wrote: »

Some are April 16 and some are April 17 depending on what changes.

Hi, was thinking of CTC earnings threshold

SkyeKnight

blondebubbles wrote: »

If you earn £10,450 your CTC would still be paid at the maximum.

It is believed that the CTC threshold is changing from £16,105 to £12,125 so would only affect those earning more than that.

True but I think it is reasonably to assume that they are also getting WTC (just from the level of the salary and the fact that the Telegraph calculator said they would lose money). The loss on WTC would be around £1.5k.

Clarabellax2

Hi can someone please tell me how my tax credits will change. I am single with two children and I earn approx £9k and pay £70 a week childcare. Just want to know so I can budget for the changes next April. Thanks

SkyeKnight

Clarabellax2 wrote: »

Hi can someone please tell me how my tax credits will change. I am single with two children and I earn approx £9k and pay £70 a week childcare. Just want to know so I can budget for the changes next April. Thanks

For anyone on over about £6k they will probably lose £1.2k plus 7% of their pay over £6k. In your case that adds up to £1.4k. It's really not absolutely certain yet that it will work this way though.

mel48rose

I'm trying to work next year's figures out but getting confused. Can anyone help please??
I have a 15 yr old and a 17yr old(in 6th form). I work and earn approx 7K. I also receive around 8K Widowed Parents Allowance. My eldest will still be in FT education next year. I only qualify for CTC.

mel48rose

mel48rose wrote: »

I'm trying to work next year's figures out but getting confused. Can anyone help please??
I have a 15 yr old and a 17yr old(in 6th form). I work and earn approx 7K. I also receive around 8K Widowed Parents Allowance. My eldest will still be in FT education next year. I only qualify for CTC.

Thoughts anyone. My WPA is over the threshold on it's own. What's likely to happen to this?

mel48rose

blondebubbles wrote: »

How many hours do you work?

My hours vary, usually around 12 a week.

mel48rose

blondebubbles wrote: »

I'd estimate you'd gat about £90 per week.

Thanks. I thought they might count the WPA as earnings and so take a chunk off that as well as my pay?