Tax credit calculators for new budget 2016/17

sudored

Darksparkle wrote: »

Yes affects claims from April 2016. It will compare 2015/16 and 2016/17 income.

so if we have earnt £4800 over what we declared for this year (2015/16) how much will we have to pay back?

Darksparkle

sudored wrote: »

so if we have earnt £4800 over what we declared for this year (2015/16) how much will we have to pay back?

Depends on how it's changed from last year.

ljema5

Have seen a notice doing the rounds. saying that from April 2016 the income threshold to claim Working Tax will go down from £6420 to £3850 at the same time as the minimum wage rises to £7.20 To claim you must work at least 16 hours and 16hrs at £7.20 is £5990.40 per year.
Thats £2140 over the threshold to qualify for tax credits.


This means that no one will qualify for this benefit after April 2016.


Does anyone know whether its true?

Darksparkle

ljema5 wrote: »

Have seen a notice doing the rounds. saying that from April 2016 the income threshold to claim Working Tax will go down from £6420 to £3850 at the same time as the minimum wage rises to £7.20 To claim you must work at least 16 hours and 16hrs at £7.20 is £5990.40 per year.
Thats £2140 over the threshold to qualify for tax credits.


This means that no one will qualify for this benefit after April 2016.


Does anyone know whether its true?

The change in threshold was delayed/cancelled last year.

16hrs isn't the criteria for all either, it can be 16, 24 or 30 depending on the individual.

sudored

Darksparkle wrote: »

Depends on how it's changed from last year.

it will be £4800 higher than 2014/15 so i wont have to pay anything back?

Darksparkle

sudored wrote: »

it will be £4800 higher than 2014/15 so i wont have to pay anything back?

No because the £2500 disregard doesn't apply until April 2016 as mentioned previously. It is still currently £5000.