Tax credit calculators for new budget 2016/17

KenAdams2015

can you confirm the savings thresholds allowed for UC?


is it 6K and under or 6K-16K but you lose some UC for savings between 6K and 15.99K?

NYM

KenAdams2015 wrote: »

can you confirm the savings thresholds allowed for UC?


is it 6K and under or 6K-16K but you lose some UC for savings between 6K and 15.99K?

I think this Universal Credit - Capital Rules will explain the 'rules'

staffsuk

NYM wrote: »

I think this Universal Credit - Capital Rules will explain the 'rules'

Thanks NYM

Will funds in a business account of a sole trader also count as savings / capital under UC?

NYM

I don't know...:o

Try this link...http://www.taxation.co.uk/taxation/Articles/2015/04/21/332941/universally-complex

Razz

Only coming up with 2015/16

Razz

Sorry new to site icequeen99 put link on for 2016/17 tax credit calculator but only comes up with current year. How do i reply to a post plesse

andrewmp

zagfles wrote: »

The UC cuts are just to the thresholds, not the taper rate, so the cuts are far lower than in tax credits. Most people on tax credits will likely be better of when they switch to UC.

As an example, couple 2 kids with a single earner 30 hours on £11k not claiming housing costs, according to my back of a fag packet calculation:

On tax credits they'd get £9007 this year, £7453 next year.

On UC, they'd get £9412 this year, £8301 next year.

Damn, I'd be loads better off on UC, can't they move me over quicker ;-)

zagfles

andrewmp wrote: »

Damn, I'd be loads better off on UC, can't they move me over quicker ;-)

Be aware that there are other foilbles in the comparison, such as there are capital rules in UC, and tax credits in the main treats all taxable income the same, UC doesn't, there is no taper or threshold at all for unearned income (eg pensions, dividends etc).

andrewmp

zagfles wrote: »

Be aware that there are other foilbles in the comparison, such as there are capital rules in UC, and tax credits in the main treats all taxable income the same, UC doesn't, there is no taper or threshold at all for unearned income (eg pensions, dividends etc).

I have no income except for my salary so bring it on. :-)

Emilycomp

Could somebody please help me work out what the decrease will be for our family next year.

Partner works 40hrs self employed, income submitted for this year £14600. we have 4 children no disabilities.

Thanks