Tax credit calculators for new budget 2016/17

restless6

blondebubbles wrote: »

Although you need to meet the criteria for WTC to claim childcare help, it is paid through CTC.

What you lose depends entirely on your circumstances.

OK I don't fully understand?!!
If i earn approx £10,500 and work 30hrs, one adult with 2 qualifying kids (one has high disability rate) , do you think i would still get childcare?

Sorry to ask but I don't know how you figure it all out.

SkyeKnight

hmd1987 wrote: »

I'm a bit worried now too from seeing this thread.....we earn £29k between us and have 2 children under the age of 2, only way we can afford to work and pay for childcare is by claiming child tax credits....how can i find out how much we might get next year?

According to the interpretation of the new rules that most people on here think is correct, you will lose approximately £2.8k (or all your tax credits if that is a smaller value).

SkyeKnight

restless6 wrote: »

OK I don't fully understand?!!
If i earn approx £10,500 and work 30hrs, one adult with 2 qualifying kids (one has high disability rate) , do you think i would still get childcare?

Sorry to ask but I don't know how you figure it all out.

I estimate you will lose approx £1.5k, but these figures are not certain yet. The more you earn the more you lose from the new taper.

Alice312

When are the going to actually release the figures? It's being kept extremely under wraps at the moment isn't it.

Alice312

blondebubbles wrote: »

Most are already available as they will be the same as this year with the exception of
First income threshold - £3850 (from £6420)
Taper rate - 48% (from 41%)

I believe the disability elements will also increase slightly.

What we are still waiting on is the confirmation from gov that the CTC only threshold will be £12,125 (from £16,100)

Does that mean the figures you gave me on my post would be different or remain the same (if ctc became £12125)?

Alice312

blondebubbles wrote: »

No yours would be the same as I understand it.

Thanks again, glad there's people like you that understand this crazy system!

ymakesmile

blondebubbles wrote: »

Most are already available as they will be the same as this year with the exception of
First income threshold - £3850 (from £6420)
Taper rate - 48% (from 41%)

I believe the disability elements will also increase slightly.

What we are still waiting on is the confirmation from gov that the CTC only threshold will be £12,125 (from £16,100)

I think this article responds to it?
http://www.litrg.org.uk/News/2015/150723-minister-confirms-further-CTC-cuts

Alice312

Hopefully gov.uk will confirm it soon, I wouldn't bank on it though

Alice312

blondebubbles wrote: »

Most are already available as they will be the same as this year with the exception of
First income threshold - £3850 (from £6420)
Taper rate - 48% (from 41%)

I believe the disability elements will also increase slightly.

What we are still waiting on is the confirmation from gov that the CTC only threshold will be £12,125 (from £16,100)

How would the new CTC only threshold affect people? As I'm guessing it only has any affect on people that work less than 24 hours between them (or less than 16 if single) and have no eligibility for working tax credit. Not many people that work those hours earn more than £12125 anyway? So surely it wouldn't affect many people at all? Or have I got it all wrong?

zagfles

Alice312 wrote: »

How would the new CTC only threshold affect people? As I'm guessing it only has any affect on people that work less than 24 hours between them (or less than 16 if single) and have no eligibility for working tax credit. Not many people that work those hours earn more than £12125 anyway? So surely it wouldn't affect many people at all? Or have I got it all wrong?

23 hours on an average wage would be over £12k. Also people with pensions (inc widows/widowers pensions), people with rental income etc