Tax credit calculators for new budget 2016/17

zagfles

SkyeKnight wrote: »

I'm pretty flabbergasted that none of the newspapers have picked up on the enormous cut in income for working families this is going to cause - it makes me wonder if the figures on here can really be correct?

Someone on an average salary of around £26k with two kids is going to lose over £2.5k - that just doesn't sound possible for most families to deal with.

There are over 3 million households who work and claim tax credits, most of whom are going to lose over 10% of their income. Surely there will be some kind of financial disaster if that happens?

Some will get a bit back eg through increased HB/LHA, but yes, it will be a massive shock particularly to those who've used one of the incorrect calculators.

dawn_rose

I'm trying to work out what all this is going to mean for me and my family too, very confusing.

Urgent_advice_needed

Why on earth hasn't this got more coverage in the media? Its such a serious issue.


On the day of the budget I didn't realise the extent of the cuts either. The media were rabbiting on about WTC being *frozen* for 4 years and the 2 child policy.


It was only on delving deeper the following day that I realised the true horror of the situation!


How can the government get away with this? Seriously?

Urgent_advice_needed

blondebubbles wrote: »

I thought there was plenty of coverage in papers and online. The full budget is also on the gov site.

Maybe I read the wrong papers then. I wrote to my MP and he replied that the cuts are to "make work pay". Umm yes - but if I am working loads of hours, including late nights and weekends - and am still losing over £1500 a year - then am I stupid......how is this making work pay??

bloolagoon

Urgent_advice_needed wrote: »

Maybe I read the wrong papers then. I wrote to my MP and he replied that the cuts are to "make work pay". Umm yes - but if I am working loads of hours, including late nights and weekends - and am still losing over £1500 a year - then am I stupid......how is this making work pay??

How many hours is loads of hours including evenings and weekends. Surely if you are working that many hours then it must start to lessen with the new NMW rise?

SkyeKnight

blondebubbles wrote: »

I think it depends on how much you know about tax credits and how it is calculated. I don't mean that to be rude, I just mean that if the published that the WTC threshold is changing from £6420 to £3850, that in itself doesn't tell you much unless you know how it's calculated in the first place.

The changes in threshold and taper immediately struck me as by far the biggest money saver in the budget (no idea if that is true), but you must admit that the papers the following week emphasized the benefit cap (tiny saving) and the cut to 2 children for CTC (which will only effect those who start to claim CTC after April 2017 and those who chose to have another child - presumably not a lot of people either). I only saw one article that covered the taper/threshold change (on the BBC) and it said the cuts would be "up to £1000 per household" - quite a long way from the truth.

Alice312

Can someone please make sense of this for me,
Me and my partner earn £25500 between us and have 2 children. Both of us work and we receive child tax credit, but no working tax (earnings too high)
If my calculations are correct we are going to lose entitlement completely next year? Is that correct?

hmd1987

I'm a bit worried now too from seeing this thread.....we earn £29k between us and have 2 children under the age of 2, only way we can afford to work and pay for childcare is by claiming child tax credits....how can i find out how much we might get next year?

Alice312

There's a way of working it out that people on here can do, my figures tell me out entitlement with 2 children on our salary is non existent next year.
None of the calculators give correct answers yet.

restless6

I get childcare paid through receiving working tax credits.
If i lose working tax credits, will i also lose my childcare payments?