Tax credit calculators for new budget 2016/17

nextyeartina

Please could you work out mine?

• I work 24 hours per week, annual income £10,000
• Hubby looking for work at the moment
• 2 children (10 & 14) - I get middle rate DLA for 14 year old

TIA x

NYM

blondebubbles wrote: »

Approx £10,263

Morning BB

I got the same figures as you when I calculated it, but for this one...

blondebubbles wrote: »

Assuming income of about £31,000 (no childcare or disabilities) they'd be getting about £9147 just now and £6193 next year.

I arrived at the same figure for the current year but for next years figure, I make it £8093

What am I doing wrong?

Total Elements £19225

Earnings - £31,000
Less - £ 3850
= - £ 27150
x 41% = £11132 (rounded up)

£19225 - £11132 = £8093

NYM

blondebubbles wrote: »

Because it's 48%, not 41%

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nextyeartina

Thank you blondebubbles x

Icequeen99

BB - Have you seen this? http://www.litrg.org.uk/News/2015/150917-How-will-tax-cuts-2016-affect-you

Haven't had chance to check through the figures myself yet but someone forwarded it to me yesterday.

IQ

bloolagoon

longlostmiser wrote: »

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

I would ask how anyone could afford 5 children on such a low wage and 1 part time. How come I couldn't afford another child yet they can have 5.

It's why I support the changes though do feel single parents are hit the hardest as many could afford before separation.

carolbfd

Hi, I'm totally new to this forum so may not be posting correctly (sorry)... I am struggling to get my head round all the HMRC calculations but some of you guys have it totally worked out... Please help!

Our family income is approximately £15000 (one of us is self-employed so income fluctuates) and we've two children. Is there any chance someone could let me know how much we'll be down come April? Do we lose our WTC completely but keep some of the CTC bit?

Any help massively welcome..,

X C X

carolbfd

blondebubbles wrote: »

Did you look at the link that Ice Queen posted? Just a few above yours.

I did have a look, it was roughly the same amount as I'd come up with in my mathematical scribblings! I'm mainly trying to find out if we lose our WTC completely cos I think that then opens the door for other things like free school meals or help with council tax - and to be honest I am clutching at anything and everything at the moment... Thanks for the info though. x

carolbfd

blondebubbles wrote: »

Assuming you meet the hours criteria then you remain entitled to WTC even if it's reduced to zero due to income.

For free school meals you cannot be entitled to WTC.

Wow! That's harsh! Ah well... on we struggle! x

dizzybuff

I have no idea what to do , currently looking to take over the joint morgage ( court order ) but dont want to take it over and end up in crap in a years time. I have two school aged children who will be in childcare school time and holidays ( I work full time) My ctc and wtc and childcare element help immensly to help me keep my head above water. My ex hasnt raised his maintainance in three years , i have to pay my student loan back because of the benefits I get.

Im panicking , i need to have a ball park figure so I can adjust my spending. My kids will be fed. I may not be.

Im oaying my credit card off this month. Actually i better do that now.

Thanks for any help