Tax credit calculators for new budget 2016/17

Rebecca01

Ok I am totally confused now.

Is there no clear tabke like this year that says how much entitled too with a certain income for number of children?

I currently earn £19000 and get £250 every four weeks. One site I looked at say it will change to £150 another said will be entitled to nothing.

Why cant it just be clear before they publish these changes.

Rebecca01

Thank you.
I earn £19000 full time and have one child aged 7.

I expect my income to go up to £19900 in April.

Thanks again.

NYM

blondebubbles wrote: »

Personally that confused me even more and would take me longer to work out for others. I suppose we all have our own ways of doing things.

I do the calculation as:

1. Total elements entitled to - rates are here https://www.gov.uk/government/publications/tax-and-tax-credit-rates-and-thresholds-for-2015-16/tax-and-tax-credit-rates-and-thresholds-for-2015-16#working-and-child-credit-tax-rates-and-thresholds

2. Income minus £3850

3. Multiply by 48% = the reduction due to income

4. Take Step 3 from Step 1 - this is what you are entitled to.

This is for WTC claims and WTC/CTC claims.

For CTC claims replace £3850 with £12125.

I've looked at those tables and I'm as confused as ever ..:o

What is meant by 'Total elements entitled to' ?

Rebecca01

blondebubbles wrote: »

You'd get approx £833 for the year from April 2016.

Thanks thats £175 a month loss. 😭

NYM

blondebubbles wrote: »

If you look at the link I posted you will see that tax credits are made up of elements.

For example the child tax credit elements are:
Child element - you get this for each child you have
Family element - you get this once, regardless of the number of children
Disability element - if child is on DLA
Severe Disability element - if the child is on DLA high care.

So you add up all the elements you are entitled to.

Scenario - Single parent, works 30hrs per week, 1 child, no disabilities or childcare.

This person gets the basic element, lone parent element, 30hr element, child element and family element. The total of these elements is £8105.

If they earn £12,000 they calculation would be:
£12000 - £3850 = £8150
£8150 x 48% = £3912
Total elements £8105 minus £3912 = £4193, this would be the award for the year.

That is such a clear explanation

:rotfl: Just thought, as you've explained it so clearly, you might not be needed on this thread any more. You can take a break..;)

cifpower

MrsStress wrote: »

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?

My initial thoughts are what would you like the taxpayer to support you for? Two of your children are now adults and you no longer receive tax credits for them. They should be working and supporting the household. You have a mortgage and you say you get "the rough deal". In what respect? Would you like the taxpayer to help pay your mortgage? Did you get child support for your three children?

Things do not last forever. Interest rates were always bound to go up. Before the election there was the constant refrain if £12bn of benefit cuts. Everyone knew what was coming and voted on this basis.

NYM

I've another question..

What is meant by First threshold for those entitled to Child Tax Credit only?

NYM

Thanks again

longlostmiser

Blonde bubbles, just out of curiosity, how much would the woman in this article lose next year assuming all her finances stay the same (as new poster I can't post a link but should be pretty easy to find online).

telegraph.co.uk/news/politics/labour/11871261/Why-should-I-pay-for-Jeremy-Corbyns-friend-Claire-to-have-so-many-children-tax-credits-PMQs.html

“How is changing the thresholds for entitlements to tax credits going to help hard working families?” she wanted to know. “I work part-time, my husband works full-time earning £25,000. We have five children. This decrease in tax credits will see our income plummet. How is this fair?”

longlostmiser

blondebubbles wrote: »

Impossible to say without their household income, it only seems to mention his.

Assuming she is working 16 hours on minimum wage?