Tax credit calculators for new budget 2016/17

moneypit9

AAh maybe that's it. Still pregnant with the 2nd so thought I had to add another child amount of 2781 to our current elements, with one child is 3326 (but we get 2500 of that due to income). So it's not that simple to figure out the elements I see.

Many thanks for your time blonde bubbles, we need to all pull together and help others in these times to come, as you are. You are clearly a good person and I wish you all the best. Kudos!

moneypit9

So yes to be clear to all I was basing next year's elements on the elements of a couple with one child, plus another child added onto that. I wasn't using my current award in the calculation, but the total elements.

moneypit9

AAh now I see how blonde bubbles gets the figure of 10,885, the wtc elements combined with the ctc elements. I disregarded the wtc elements as we don't get any wtc due to my income last year. So it still has a role to play and I'm now gonna stop trying to understand how the tax office works and wait for the letter in Jan, without worrying from now until then about our award going down to zero. Thanks everybody.

Icequeen99

The table linked to is correct for your income level, I have just checked it. So that is what you will lose if your income and circumstances stay the same.

IQ

mel48rose

Hi, a friend of mine has 2 children and works around 14 hrs a wk. She should earn 15K this year. How much would she lose next year? Thanks for your help.
She is a single parent with no childcare.

mel48rose

blondebubbles wrote: »

Just to clarify its definitely £15,000 for 14hrs per week?

Hi, have spoken with her to clarify. She was doing more hours but then they were reduced so she reckons her earnings will probably be just under 15K this year. Many thanks for your kind help.

mel48rose

blondebubbles wrote: »

£4725 approx

Thanks so much

zagfles

mel48rose wrote: »

Thanks so much

Note that's the total, not what she'll lose.

Toomuchdebt

I'm a single parent with 5 children working 25 hours a week and earning $8515 a year(minimum wage). I have childcare at $12 a week.(lost my pound sign sorry)I need to be prepared how much I will lose next year please. I can't do any more hours at present. I get wtc and ctc.

Toomuchdebt

Thank you...I forgot to increase it for next year-and also forgot to use the gross wage as I pay into my pension direct from my wages. I also technically do 24.75 hours a week but for ctc they adjusted that to 25. My actual yearly wage is 8926.68. So next year it'll be 9266.40 I think?