Tax credit calculators for new budget 2016/17

csdodd80

Can anyone help me calculate what we could get next year please.

I am a full time student so Loans and Grants are not taken into account but income from Student Finance is £7700 per year.
I have earned £680 this year in a part-time summer job.

Hubby works 37 hours a week, earnings will be £17,701 for the year.

2 children, one 18 and in full-time education, one aged 12 - no childcare required.

Many Thanks

Chipsmum_2

Been reading this thread with interest but I get totally confused with trying to work out my own circumstances.


I wonder if you could kindly work out what I may get next year. Single parent with an annual salary for 28 hour week is £19,656 with bonus £400 at Christmas which I always count. My son is 15 in October so no child care costs.


Thank you in advance.

Chipsmum_2

Thanks


I keep an excel spreadsheets with all my details and just did rough guide up to April next year but putting zero in my TC from the month of April so guess I was expecting it.


Ps... Would it make a difference if I worked 30 hours or more?

specialboy

Quick query about the child tax credits, if someone already has 3 kids and they have another after April next year does that mean they won't get any more child tax credits for this kid?

nannytone_2

that doesn't kick in till april 17.
so 3rd and subsequent children born after april 2917 won't receive rax credits ( or universal credit if it is rolled out by then)

specialboy

It's actually someone I know who has 4 (not 3 my mistake) kids at home already and is due again next May but has already stated that she may have more after that until she gets a boy.

csdodd80

blondebubbles wrote: »

Student finance isn't included as income for tax credits only

- Adult Dependants’ Grant paid to students with a partner or a dependent adult
- dependants’ grants for students in Scotland

What do you expect your total household income to be next year? Excluding any student income not mentioned above.

Hi,

Household income for next year would be 18,100.

Many thanks

FBaby

hi could someone help me with my figures for next year.i work 21hrs i earn £10300 husband self employed works 40 hrs earns £10500. 3 kids one low rate dla.no childcare. thanks in advance.

We have 4 children and our income for 2015-2016 will be approx £49500 (husband £29.5k and me £20k) and should be the same for 2016-2017. Income for 2014-2015 was £45100. Childcare cost are £120 per week

Blondebubbles, I'm confused. In the second situation, they are entitled to nothing, but £520 a month childcare costs. I am not great at working out tax and NI, but I am counting that it comes to approx 20%, this means that their weekly income after childcare is £650 for 4 children (+CB)

The first family though will pay limited taxes I believe and with the TC will get about £560 a week.

To round it up, that's £400 more a month for the first family with one more child (+CB for one child) for earning more than twice through working.

Unless I got my figures wrong (and I hope I did!), it is not surprising that there is such a lack on incentive to earn more (often as a result of working more hours) for that limited difference at the end of the month whilst children still require childcare.

I thought TC was supposed to help people work, hence supporting those who require childcare but it seems to be exactly the opposite.

ProudDad

Totally bamboozled by all these changes, currently getting £458 four weekly for 2 children based on a household income for my self and my wife of £18795 last year. Anticipating my income for this year is going to be about £20000 what would my total award be for next year. Me working full time 35 hours per week, wife full time student, no childcare.. Thanks in advance ��

FBaby

So scenario 2 has approx £400 extra per month, I don't agree that is a limited difference. I think that's a huge difference.

I guess that's where we disagree. A difference of £100 a week (without even taking into account that there is one extra child to pay for) is to me a very small difference for earning twice the family income (and what usually comes with higher income, more stress, more travelling etc..). I actually find it insulting.

I don't think it is quite fair to compare both families as the first has a disabled child and we do not know the additional costs involved with that child.

This is why I left DLA out of the equation. Are you saying that if the second family had a child with disability, they would then be entitled to some tax credits? I dont think that is the case.

As to say that if they didn't have a disabled child, they would probably earn double their income (when both working anyway) is a very long shot to make. The reality is that the system doesn't reward families for increasing their income through work. Cutting down TC to 2 children is the best policy that could have been introduced, finally.