Tax credit calculators for new budget 2016/17

Colaa

Blondebubbles would you be able to do a calculation for me? My salary is £16,021, I work 24.5 hours a week, live alone with one child and my childcare costs till August 2016 are £85 a week and then will be about £45 a week when my child starts school in September 2016.
Many thanks in advance.

glittercakesxx

does anyone know if ours will decrease? we get £130 per week with 2 kids and I am a sahm and my partner earns 9200 per year

SkyeKnight

glittercakesxx wrote: »

does anyone know if ours will decrease? we get £130 per week with 2 kids and I am a sahm and my partner earns 9200 per year

It will go down about £1400 per year (according to the current way the governments rules are understood).

glittercakesxx

thank you Skyeknight

zagfles

SkyeKnight wrote: »

It will go down about £1400 per year (according to the current way the governments rules are understood).

It's confirmed - we were right on here and the major news organisations, and accountancy firms who provided them their calculators, were wrong!

http://www.parliament.uk/business/news/2015/september/commons-debate-statutory-instrument-on-tax-credits/

The SI was passed, the link shows the change to the CTC threshold exactly as predicted by IQ.

glittercakesxx

so that means that if im currently entitled to £4710 it will go down to £3226? then it gets reduced by 25% as im paying an overpayment to £2419? argh

glittercakesxx

He works 25 hours a week on average. (I also think his income is more like £8900 after looking at last years and working it out)
x

glittercakesxx

we're paying back an overpayment which i think is 25%?? so we get £129.98 per week at the moment, So obviously with the new budget AND us paying back overpayments I am stressed lol

Ah and I just saw, I worded it incorrectly, we have 1 child at the moment but will have 2 by April when renewal comes around x

glittercakesxx

How do you work it out? Thank u for helping me x

lincsyellowbelly

Please could you work out my tax credits. I have tried but am so confused. We only get child tax credit. We have 3 children and will have a combined income if approximately £27000.

I have an awful feeling we will lose it all.

Msny thanks