Tax credit calculators for new budget 2016/17

flamin_galah

Thanks blondebubbles! Frustrating that the award notices are using the old rates, mine says I'll be getting approx £65 a week next year but instead it'll be about £7. Fortunately I realised that this probably wasn't right but not everyone will.

Can I be cheeky and ask if you're able to do another estimate for me, which includes childcare costs? Don't worry if you can't/don't want to, I don't want to take advantage too much!

So if we were 2 adults working, one 37hpw, one 18hpw
Household income £39000
3 children same as before - one pre-school, one school and one college
Childcare costs £5000

Freddie_Mercury

This is the info on my claim form

Hours worked 30

Income £17442.00

3 children

Couple

Working tax credits

A payment of £7.43 will be made on 13/05/2015
A further payment of £21.49 will be made on 25/05/2015
Your payments will then change to £20.31 every 4 weeks until 28/03/2016
A further payment of £11.27 will be made on 25/04/2016
Your payments will then change to £8.42 every 4 weeks until 27/03/2017


Child tax credit
A payment of £93.34 will be made on 13/5/2015
A further payment of £676.09 will be made on 25/05/2015
Your payments will then change to £676.07 every 4 weeks until 28/03/2016
A further payment of £684.00 will be made on 25/04/2016
Your payments will then change to £683.95 every 4 weeks until 27/03/2017.

Entitled to gives me this


Period:06/04/2015-05/04/2016 yearly £ weekly £
Initial Tax Credit award for period £9,158.40 £176.12
Working Tax Credit: £268.26 £5.16
Child Tax Credit: £8,890.14 £170.96

Final Tax Credit award for period £9,158.40 £176.12
Working Tax Credit: £268.26 £5.16
Child Tax Credit award: £8,890.14 £170.96

It looks as if there is a mistake somewhere.

shopaholicjules

Hi
I haven't posted on her for such a long time.
I am currently pregnant, due 1/1/16 and am on my own.
I currently earn £26,300 ish and want to try and work out what if anything I will be entitled to benefits wise, tax credits, child tax credits.
I am trying to look at it if I were to go back 3 days (approx £15000) or 4 days (approx £20000)
I have tried using the calculator but as this past year I have been on my normal wage, it will not work it out for me.
I also pay into superann pension if that makes any difference.

Can anyone help or point me in the right direction as to how I will work this out.
i know it said if I went back full time, I would not be entitled to anything so don't know how I would pay for childcare, Ideally I would like to go back 3 days

Thanks
Jules

Freddie_Mercury

blondebubbles wrote: »

No it does actually look correct. You said in your OP that your CTC was £8208, your award shows £8890.

It may be how you've calculated it, you said monthly but tax credits are 4 weekly (which means in a year you get 13 payments rather than 12).

That's what has happened. Thanks!

Lea74

Hi,

I wander if someone can help. I work 22 hours a week employed and about 10 a week self employed. I have always declared both incomes to the HMRC for tax credits but have only ever mentioned the 22 hours a week employed work. I didnt think to or bother to mention the hours that I do for my self employed work as I just thought that the income was important. However I have now noticed that I could potentially get additional amount for WTC for hours above 30, which I do do. I dont however get WTC due to income.

My question is should I let HMRC know these additional hours, is it worth the pain of a phone call and would I actually get it if I dont actually get WTC?

Thanks in advance.

themull1

Hi, this year my husband earned 35000, 37 hours a week im on 15200, 37 hours a week, two kids, one 16 year old at 6th form one 13 year old at school. If my husband becomes redundant, what would we be entitled to next year, and would it make a difference if he claimed JSA? would one benefit affect the other?

Next year i would be on £15200.

themull1

Thanks very much, can i earn anything extra or would it be offset against the benefits?

themull1

I thought i could earn £2500 more without it affecting my tax credits?

MrsStress

Hi I have just joined :j.

I have read all the different comments, and can honestly say I am a decent, homeowning, hard working single mum. I was not a single mum when I chose to have kids lol, found myself divorced.

I have a grown up son who I can no longer claim for - when he finsihed his A Levels (although he certainly doesn't earn enough to chip in anything like the amount I lost for him), I never recovered from what I lost to be honest. Alot of tax credit, child benefit and the money from his dad. Then I lost my 25% off council tax, come on eh? When my income has just dropped?! Luckily then I was told I qualified for council tax support, which clawed back a very small part of what I lost. For the last 20yrs I have worked in a school, and a college part time term time and as soon as I lost for one child I managed to grab some overtime. It didn't last, but it helped for a while.

I now have my 2nd child leaving 6th Form next summer so I know another big loss to my income is comeing. I will just have one left in education then he is 13. I have tried my best to plan for this and am starting another job in my old college next week. A couple of hours more and many more promotion and full time opportunies there which I will do my best to get appointed to once I am there. So, I am not lazy, I am not uneducated and I am doing my best to claw back what has been taken away. However, so much has been taken! Now this April things, I just can't believe it. It is the biggest kick in the teeth ever. I had to ask myself was it a joke? I think I loose around £1700 a year...when already loosing so much.

I earn £10.30 an hour, and barely earn enough to pay tax, so minimum wage increase and national living wage and tax earning threshold increasing WILL NOT HELP ME BY ONE PENNY NOT AT ALL!!!!!!. I will be worse off, and that is a fact.

How is this fair on hard working people? As a mortgage payer we get the rough deal as it is, as no help towards it, my mortgage has gone up considerably these last 2 yrs as well, as I could only afford interest only and a fixed rate on that is not longer allowed... thank God I have over £200K equity. So I am selling up and renting for a couple of years, have to waste some of my equity to rent until my youngest is a little older and I can move out of my London borough and a head off to a new life in a cheaper area..Can't do that til 18yr old is settled in a job and youngest does GCSE's. At least with the rest of my equity I can buy a modern flat out of town outright with no mortgage and rent it out til I can move into it. What a shame though, it is very upsettting. I hope in a couple of years a full time promotion will come but that will be too late to save my home now.

I have two single mum friends with grown up kids who have just done the same. I am sorry if I am ranting, but need my story put out there. I am not alone.

Kids growing up but not earning much, cos they dont when they are young, interest rates going up and tax credits being cut has finsished me off. I wanted my story to be on here, because it is not my hourly rate that is low. Although if my job was full time it still wouldn't be enough to save my house, but it may buy me a bit of time to do it more gently!

Thoughts anyone?

FBaby

I hope in a couple of years a full time promotion will come but that will be too late to save my home now.

I think where it has gone wrong is you wanting so long for a full-time job. Your youngest is 13, could have been left at home alone or with sibling for a year already. You are in London, in education, surely there have been more than one full-time job advertised that you could have gone for?

I'm sure you are a nice hard working person, but the reality is that you relied on tax credits for your lifestyle and didn't prepare for the fact that these were only going to be temporary. Indeed, you are not the only one.

I genuinely hope that you can get a full-time job very soon and manage to get on your feet without losing too much.