Tax credit calculators for new budget 2016/17

TONI_B

thanks that's really useful - the numbers were frying my brain!


It probably would be better for my husband to cut down hours but he has only been with his company 18months and is on the up whereas I've reached my peak so it would be les damaging to my career to negotiate my hours temporarily if necessary.


thanks again x

TONI_B

blondebubbles wrote: »

Yes it applies to all tax credits elements (otherwise everyone with childcare could claim).

1. Income £48,000 Tax Credits £6,173 less Childcare £18,928 = £35,425 (you can only claim childcare up to £300 per week for two or more children)

2. Income £48,000 Tax Credits £4,644 less Childcare £13,416 = £39,228

3. Income £33,000 Tax Credits £10,242 less Childcare £11,128 = £32,114

4. Income £18,000 Tax Credits £9,653 = £27,653

As you are the higher earner, would it not make more sense for your partner to be the one to reduce their hours or stop working if you feel this is necessary for the family?

Thanks again for this info. Do you happen to know how childcare vouchers from one of our employers might affect the figures - are they a better deal than tax credits?

TONI_B

blondebubbles wrote: »

You can only claim childcare via tax credits on amounts not covered by the vouchers. However the income you declare to tax credits will be reduced.

There is a calculator that suggests which one would be better for you (or you can do a mixture of both as many people do).


(In the nicest possible way, I don't fancy recalculating all those scenarios again based on vouchers! :rotfl: )

Haha, no of course not! Thanks for the link - will check it out

[Deleted User]

Hi,

My husband has left me and I have found a way to stay in our current house with ex still on the mortgage. I work 17.5 hours a week, earn £11,000 and have an 11 year old. Please could someone work out how much my WTC and CTC will drop by in April, as I am only just scrapping through at the moment.

thanks,

[Deleted User]

Thank you for the quick reply. I am going to be in serious trouble come April

prelude

hi can you help me work out my tax credits for 2016/17 please,i work 40hrs a week and earn 18200 gross a year my wife is a stay at home mum and we have 4 kids aged 10 8 6 and 4 any help greatly appreciated thank you

prelude

Thankyou that's what we got aswell we are going to be down about 25 pounds a week as it stands but we can survive that till my wife finds part time work

Electrum

So which is the best calculator?

sazzlebgood

can someone help me with working out how much child tax credit we will approx get next year so that I can begin to plan budgets.
My husband earn approx £25,500, i get approx £3,800 in carers allowance, we have 2 school age children , the youngest gets high Rate DLA.
I've tried working it out and just can't seem to do it. Thanks

sazzlebgood

thank you so much, going to go and have a mini meltdown. Then tackle budgets, dust off the ccv and look for work.