Tax credit calculators for new budget 2016/17

NewBe

Hi Blondebubbles. Can you please give your estimate for 2016/17 so I can compare with other calculators.

Earnings:
Me - £24,000 (37hrs)
Partner - £0

Children:
3 (all under 10)

Thank You.

P.S.

From my own calculations, because of the changes to the 'CTC Only' threshold, those that earn above £12k are the real loser's with these cuts.

If you earn less, pay less taxes, you get more in benefits :mad:

NewBe

blondebubbles wrote: »

As you work over 24hrs per week, you are not a CTC only claim. You will have the WTC elements included in your claim however these will be reduced to nil due to your income. My estimate is £3993.

Thank You. This is not far off the other figures I had.

missk_ensington

Hi,

Does anyone know what my tax credits might be next year?

Single parents to two children (Ages 12 and 1) working full time, earning £34,000 a year with weekly childcare costs of £118 a week.

Your help would be much appreciated, after tax and student loan I walk away with just over £2,000 a month plus child benefit and between my mortgage and childcare alone each month that's £1200 of it gone before we've even started on any bills or car!

£4000 of my income in a car allowance so I'm expected to have a nice car, I'm driving around in a cheap old car and have been told by work that they give me the car allowance as to turn up for meetings in a nice car, but I have no idea how I can afford £200+ a month for a car on finance if my tax credits start getting cut down to a token gesture

missk_ensington

Oh Gosh thats a LOT less than I was expecting. I can't manage on that. Its not worth me working

Thanks for the calculation - much appreciated x

Sox77

Hi


I was wondering if someone could give me some advice. We've had a massive change in circumstances this year, with my husband finding full time work and me being made redundant. I have found another job but between us we are not earning what I was earning alone previously. Anyway I am a bit worried about next year because as it is we are only just bringing in enough to cover outgoings (and we're pretty frugal), so if anyone can tell us what we can expect next year I'd really appreciate it.


I work 15 hours a week and earn £6661.20 per year, and my husband works 39 hours per week and earns £15,412.80 per year. We have four children at home aged between four and eleven.


We don't currently have any childcare costs because of me working below 16 hours a week, but I wonder if we would be better off if I could do overtime occasionally to make my hours average to 16 hours a month (£7105.28) in which case
childcare costs would be in the region of £10 per week.


I would ideally like to be working full time as am working weekends at the moment so hubby and I are passing like ships in the night, but can only fit these hours in, so am quite concerned about the coming Tax Credit changes,


thanks heaps
Sox

chelseablue

Blondebubbles, I would be very grateful if you would give an estimate on the following under the new rules:


Single Parent, working full time (37.5 hrs a week)
Salary: £31,500
Childcare: £760 a month


Thank you x

NYM

:rotfl: blondebubbles....MSE should be paying you for your service !

Sox77

blondebubbles wrote: »

What was the household income for last tax year?

And are the figures you have posted what you expect to earn this year?

Thanks Blondebubbles, last tax year we earned approximately £35,000 between us - me working 37.5 hours and DH working 16 hours a week (self-employed).


Oh and yes the figures posted are what we will earn this year and next year too.

chelseablue

blondebubbles wrote: »

How many children?

Just one child x

Sox77

Thanks so much Blondebubbles, I had it entirely wrong on my calculations You're a star!