Tax credit calculators for new budget 2016/17

keithing-ger

NYM wrote: »

It's not as bad as it sounds. Your increased income of approx £2500 will help to offset the 'loss' of approx £2860 in Tax Credits.

Yeah, that's true. Ta

NYM

keithing-ger wrote: »

Yeah, that's true. Ta

If either of you are on min wage, that will be increasing from £6.50 to £6.70 p/h on October 1st and from next April, National Living Wage (for over 25's) will be £7.20 p/h

bloolagoon

NYM wrote: »

It's not as bad as it sounds. Your increased income of approx £2500 will help to offset the 'loss' of approx £2860 in Tax Credits.

Plus extra HB etc if renting

Also didn't mention Disability so the calc BB did would be higher

Maureen43

zagfles wrote: »

The drop can be worked out just from income. If you get WTC and earn over £6420, the drop is £1233 plus 7% of income over £6420.

I am a single working parent of two children earning £10k a year. This means I will lose approx. £1800 a year.

How does that make work pay?

mel48rose

KenAdams2015 wrote: »

Hi

Please could anyone calculate the three following scenarios??

4 children and neither parent working

4 children and one patent working 37.5 hours earning 15k

4 children and one parent working 37.5 hours earning 18k

Any help great appreciated
Ps - anyone know how much would need to earn before entitlement to any tax credit help would be with 4 children

Sorry to be a pain and if asked too much

Some people take the p*ss :eek:

Maureen43

Hi.

Can you help me too please Blondebubbles?

Single parent, two children (will be 17 and 15 next year), earning 10k and working 26 hours a week.

Any idea what I will be entitled to?

Thanks

andrewmp

KenAdams2015 wrote: »

Thank you so much and I'm sorry of I've taken the !!!! I have tried to do in excel but although I'm born ok with spreadsheets I couldn't get my ahead around it:(

Have scoured the internet for a downloadable template I could use.

My last question was about how much I would have to earn (more out of interest as never going to happen!) with four kids before I wouldn't receive any help. Eg 25k or 30k

Again honestly sorry

After April, it's circa £37k or something, this is not exact, but it'll give you an idea.

andrewmp

Maureen43 wrote: »

I am a single working parent of two children earning £10k a year. This means I will lose approx. £1800 a year.

How does that make work pay?

It doesn't, Dave lied.

Maureen43

blondebubbles wrote: »

Assuming your eldest stays in full time non advanced education:
£7123.

If you increased your hours to 30 on the same rate of pay you'd get an extra £1500 wage and receive £7191 in tax credits.

Will I stop receiving tax credits for the eldest on their 18th birthday, or when they finish sixth form at 18 and a half?

As for working 30 hours...I'm actively looking for full time work. Fingers crossed.

Ouch at the drop in tax credits though.

Many thanks for your help.

flight747

Hi

Please could anyone calculate the following scenario for my mate?

Single lone parent (claimed DLA middle rate care)
1 child aged 13 (non disability)
WTC £149 pw (sept 15 to Apr 16)
CTC £63 pw
40 hours a week full time (£6.70 per hour from Oct 1st)
£13936 gross annual