Tax credit calculators for new budget 2016/17

bloolagoon

blondebubbles wrote: »

skcollobcat10 wrote: »

It will depend entirely on the individuals circumstances. It isn't simple enough to say that everyone on tax credits who rents won't be affect severely.

Agree but neither is the press correct saying the average loss is £x. Both sides present the extreme. One side saying families are better off and the other maximising losses for dramatic effect.

DavidP24

What amazes me is the number of people who voted Conservative when they knew the cost cutting agenda.

Yet again and again in this thread we have people falling for the Government's trick, they want one group to hate another group because as long as you are hating the other group you are not blaming them.

The way tax credits SHOULD have been reduced is by having them paid by the employer, to transfer the obligation by adding it to the employers NI contribution for those paying low salaries.

In France they charge companies that let people go for their benefits for 2 years.

So from what I have read on here the average loss seems to be around £2500 a year, so £12,500 over 5 years. The Government argue that they are bringing in a "living wage" over 5 years that for TWO people with be worth £5000 over that 5 year period.

Do the maths, they are taking £10,000 of you if you are a couple £11,250 if you are single.

My advice is that you tell your employer that your Tax credits are being reduced and you need a £2.5k rise, then leave if you have to.

MORE THAN ANYTHING I HOPE YOU ALL REMEMBER THIS AT ELECTION TIME, PAYBACK IS A !!!!!. TELL YOUR MP NOW.

OhWow

DavidP24 wrote: »

Yet again and again in this thread we have people falling for the Government's trick, they want one group to hate another group because as long as you are hating the other group you are not blaming them.

My advice is that you tell your employer that your Tax credits are being reduced and you need a £2.5k rise, then leave if you have to.

When reading this thread I was shocked to see how little some parents provide for their children.

How did we ever got to this stage where healthy adults expect others to pay for their lifestyle choices year after year?

p00hsticks

DavidP24 wrote: »

The way tax credits SHOULD have been reduced is by having them paid by the employer, to transfer the obligation by adding it to the employers NI contribution for those paying low salaries.

That wouldn't help the self employed though....

DavidP24

OhWow wrote: »

When reading this thread I was shocked to see how little some parents provide for their children.

How did we ever got to this stage where healthy adults expect others to pay for their lifestyle choices year after year?

I think it is easy to be judgemental but until you have walked in their shoes you are not in a position to do so.

I do not think many start out that way and you in your ignorance ignore that the low paid are tax payers just like anyone else.

Social security means we have an insurance policy, your car premiums increase because other adults have accidents but also because the insurance industy collude via the ABI to charge more and give less.

Overall I would like to see tax credits and child benefits abolished but not before they are replaced by a proper living wage (not the fake living wage proposed by the con government).

It would have been very simple to increase the NI contributions to employers for staff that they pay low wages to and to use that money to fund tax credits.

Some of the people quoted on here are carers to disabled children and still breated, yet it would cost the state over £200k per annum if they were cared for in professional instutions.

I do not think hardly anyone made a lifestyle choice to be dependent on others, when you fall off the ladder due to ill health or unemployment it is easy to get stuck. When in such a situation you lose 85% of your earnings, so to dig themselves out they need a massive income increase all at once.

DavidP24

p00hsticks wrote: »

That wouldn't help the self employed though....

True but for them you need even greater help, they are the real heroes.

A job is the agreement by the employee to have their labour exploited by their employer in return for mitigation of the risk of being able to pay rent or mortgage.

The self employed person takes on that risk themselves and are the lifeblood of the economy, sadly what we see with zero hours contracts are all the risks of self employment but for minimum wage and not even being paid for hours of travel between work places, it is obscene.

Anyone self employed needs to form a limited company and pay themselves a basic wage then pay themselves dividends which do not have NI applied. This not only makes tax sense but enables them to sell the company at some point in the future.

frankiefrankie

I'm also confused about how it will hit me, can anyone help with a calculation?

I work 28 hours a week and make around £10400 a year.

I have two children, no childcare or disabilities to take into account.

NYM

DavidP24 wrote: »

True but for them you need even greater help, they are the real heroes.

A job is the agreement by the employee to have their labour exploited by their employer in return for mitigation of the risk of being able to pay rent or mortgage.

The self employed person takes on that risk themselves and are the lifeblood of the economy, sadly what we see with zero hours contracts are all the risks of self employment but for minimum wage and not even being paid for hours of travel between work places, it is obscene.

Anyone self employed needs to form a limited company and pay themselves a basic wage then pay themselves dividends which do not have NI applied. This not only makes tax sense but enables them to sell the company at some point in the future.

If the terms of the 'Agreement' don't suit either party, they are free to choose not to...ermm, agree

What someone chooses to do with any remuneration they receive in return for their labour is entirely up to them. The other party to the Agreement has no control over that choice.

NYM

frankiefrankie wrote: »

I'm also confused about how it will hit me, can anyone help with a calculation?

I work 28 hours a week and make around £10400 a year.

I have two children, no childcare or disabilities to take into account.

I think this Table... should help you to figure how much you're likely to lose next year.

You could also try Entitled To... I believe they have updated the calculators to include 2016/17

v1ckyt

Hi there, could one of you good people give me an idea of what my friend will get after the changes please.


Single mum, 2 children, working 25 hours per week, earned £9651 in the year 2014-2015 and likely to be the same this year, no disabilities.


thank you in advance.