Tax credit calculators for new budget 2016/17

Alice312

zagfles wrote: »

23 hours on an average wage would be over £12k. Also people with pensions (inc widows/widowers pensions), people with rental income etc

Oh I see,
In the litrg article posted previously it mentions that it'll further affect people who get wtc and ctc, but I really can't understand how.

zagfles

Alice312 wrote: »

Oh I see,
In the litrg article posted previously it mentions that it'll further affect people who get wtc and ctc, but I really can't understand how.

The CTC threshold has always been set at where WTC basic & couple/lone parent elements taper to zero so it's always been irrelevant to those who claim both.

Theoretically the CTC threshold can be higher and then people who get both wouldn't get any CTC tapered till this threshold is reached. Even though it's usually called the "CTC only" threshold.

For some reason some of the calculators were assuming this. We're pretty sure they're wrong.

Alice312

zagfles wrote: »

The CTC threshold has always been set at where WTC basic & couple/lone parent elements taper to zero so it's always been irrelevant to those who claim both.

Theoretically the CTC threshold can be higher and then people who get both wouldn't get any CTC tapered till this threshold is reached. Even though it's usually called the "CTC only" threshold.

For some reason some of the calculators were assuming this. We're pretty sure they're wrong.

Sorry I am so confused, shall I just ignore the article or is it accurate? It's on a previous page if you haven't yet read it.
I had no idea how complicated this all is.
So the ctc threshold is changing because of the increase in taper rate?

zagfles

Alice312 wrote: »

Sorry I am so confused, shall I just ignore the article or is it accurate? It's on a previous page if you haven't yet read it.
I had no idea how complicated this all is.
So the ctc threshold is changing because of the increase in taper rate?

The LITRG articles are the best analysis of something which the budget didn't make clear. The papers' calculators we think were wrong.

In fact - the BBC/KPMG have withdrawn theirs! http://www.bbc.co.uk/news/business-17442946

Alice312

I understand how litrg have got the loss of £2000 and have worked that out for myself, but do not understand how they came to have the original loss of £935, my calculations can not make it makes sense. Could you explain it?

Icequeen99

Alice312 wrote: »

I understand how litrg have got the loss of £2000 and have worked that out for myself, but do not understand how they came to have the original loss of £935, my calculations can not make it makes sense. Could you explain it?

The £935 is the loss that would have happened if the CTC threshold remained at 16105 from April if I am reading it right.

IQ

Icequeen99

And there is a second article as well

http://www.litrg.org.uk/News/2015/150723-minister-confirms-further-CTC-cuts

Alice312

Icequeen99 wrote: »

The £935 is the loss that would have happened if the CTC threshold remained at 16105 from April if I am reading it right.

IQ

I wondered how it was actually calculated.
Mine totals that I'll lose about £2800, so I'm 99% sure its probably right as its a massive loss lol.

Alice312

After 2 hours of trying all sorts of calculations I've finally got to it and understand it. Thank god!

Also the theory the calculators were giving that the child tax threshold could stay higher is impossible isn't it, as I understand it has to go down to match the new wtc threshold and taper or it doesn't work at all?

ericax

I am also extremely worried about the situation next April.

I am a single mother with a child going into school in September.
I currently work 21 hours with an annual income of £9480.

I sadly have been left with huge debts from my ex-partner, and live off £125 a month for food etc.

From what I can gather I'm going to lose around £1400 a year - so over £100 a month. How can I survive off less than £25 a month?

I have looked into working full time hours, spoken to benefit advisors, and I will actually be even worse off, as I would have to pay for breakfast clubs, after school clubs, holiday care.

All my benefits would be taken off me practically and I would have to pay for childcare on top of this too.

How is this making work pay