Tax credit calculators for new budget 2016/17

zagfles

lincsyellowbelly wrote: »

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

No you won't lose it all. About half of it. Now you probably get about £5200 a year, next year about £2550. (I've assumed 30hours, no childcare, no disabilities)

lincsyellowbelly

My husband works 37.5 hours and I have a zero hour contract and am currently foing about 14-15 hours a week.

lincsyellowbelly

Thsnk you both for sirting me out.

SkyeKnight

zagfles wrote: »

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.

I know that, but partly I still don't quite believe it!! :-) and partly I'm still dubious because none of those major news organisations and accountancy firms have gone back and released a new calculator that shows the size of these cuts.

zagfles

SkyeKnight wrote: »

I know that, but partly I still don't quite believe it!! :-) and partly I'm still dubious because none of those major news organisations and accountancy firms have gone back and released a new calculator that shows the size of these cuts.

They have - at least KPMG have. It looks like this is giving the correct results now, though not tried all combination of circumstances:

https://www.kpmg.com/uk/en/services/tax/summer-budget-2015/pages/summer-budget-calculator-2015.aspx

Icequeen99

:dance::dance:

That is all.

IQ

andrewmp

zagfles wrote: »

They have - at least KPMG have. It looks like this is giving the correct results now, though not tried all combination of circumstances:

https://www.kpmg.com/uk/en/services/tax/summer-budget-2015/pages/summer-budget-calculator-2015.aspx

Just tried it and I'm at £2k down whereas before it was £500 down. So as we knew, IQ had it spot on.

dizzybuff

Its very basic to be fair and doesnt cover child care allowance. Or am i missing something here. Just done a claculation using that and Blonde Bubbles estimate. Im not panicking as much as it is doable. tonight I phone sky and see what they can do for me.

Icequeen99

dizzybuff wrote: »

Its very basic to be fair and doesnt cover child care allowance. Or am i missing something here. Just done a claculation using that and Blonde Bubbles estimate. Im not panicking as much as it is doable. tonight I phone sky and see what they can do for me.

The lack of the childcare element shouldn't really make a difference.

The loss can be calculated based on income alone and you take that figure away from the current award.

See http://www.litrg.org.uk/News/2015/150917-How-will-tax-cuts-2016-affect-you

IQ

Lizziewizzie82

Hi don't know if anyone can please help I can't get my head around the calculations.... I know I'm going to be down on what I'm getting now.
I'm a single mum I have 3 kids, 11,9 and 7. I currently work 16 hours and earn about £6720 a year.