Tax credit calculators for new budget 2016/17

Bigelvisfan

Hello, hoping someone here can help me as I can't make head nor tail of the calculations,

Myself and my partner have 4 children (one of them is under 1) my partner earns 10k per year, I don't work at the moment or receive any benefits. Thank you.

cloud84

Hi sorry my wage is £6760
My partner's is the same his hours vary so we put 36.

Is it just me that tax credits confuse?
I'm worried about this coming April although my wage will go up (NMW) but no where near what i get in tax credits. My partner and I keep our money sparate due to not being together long. It's going to be a struggle to pay for bills, prescriptions, travel etc without this top up.
blondebubbles do you have any idea when the disability element changes will be announced?

Bigelvisfan

Around 27 hours a week. Thank you.

Bigelvisfan

Thank you for taking the time to do that, I very much appreciate it.

Usuallyhopeful

Couple with three children under the age of 7. Eldest child is disabled and receiving the severe disability element.
One working full time, income this year £23.500.
SAHM (carer claiming carers allowance approx £3k)
No child care.

Thanks in advance, I've tried to work it out and I'm failing miserably.

Sox77

Hi Blondebubbles, thanks again for all your help working out all my tax credits for next year, was just wondering if you could do the same for my friend.

She and her husband have four children, aged 8, 7, 5 and 2/ Husband is full time employed and earns £30,574 before tax.

Wife is self-employed but currently making 0 profit as is trying to build up the business so everything goes back in. She is working less than 16 hours a week. No childcare costs.

Income was the same last year,

thanks again
Sox

Usuallyhopeful

Thanks.

That's a £50 a week loss for us based on this years payments.

andrewmp

The Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2015 is being or has been debated today in commons.

itation, commencement and effect

1.—(1) These Regulations may be cited as the Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2015 and come into force on 6th April 2016.

(2) These Regulations have effect in relation to awards of tax credits for the tax year beginning on 6th April 2016 and subsequent tax years.

Amendment of the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002

2.—(1) The Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002(3) are amended as follows.

(2) In regulation 3 (manner in which amounts to be determined for the purposes of section 7(1)(a) of the Act)—

(a)in paragraph (2), for “£6,420” substitute “£3,850”; and

(b)in paragraph (3), for “£16,105” substitute “£12,125”.

(3) In paragraph (a) of regulation 5 (amounts prescribed for the purposes of section 7(3) of the Act) for “£5,000” substitute “£2,500”.

(4) In regulation 7(3) (determination of rate of working tax credit)—

(a)in Step 4, for “£6,420” substitute “£3,850”; and

(b)in Step 5, for “41%” substitute “48%”.

(5) In regulation 8(3) (determination of rate of child tax credit)—

(a)in Step 4, for “£16,105” substitute “£12,125”; and

(b)in Step 5, for “41%” substitute “48%”.

Has it passed without challenge yet?

nextyeartina

Hi. When will the 2016/2017 tax credit calculators be available online? x

nextyeartina

Thank you x