Would I be better off changing to Universal Credit from Tax Credits?

poppy12345

Don’t forget that Calcotti’s calculation is based on 4 children so it will be £232 per month less once your 18 year old leaves non advanced education. Then another £86.67 per month less when the standard allowance decreases in October. 

calcotti

poppy12345 said:

Don’t forget that Calcotti’s calculation is based on 4 children so it will be £232 per month less once your 18 year old leaves non advanced education. Then another £86.67 per month less when the standard allowance decreases in October. 

But the Tax Credits would also go down by roughly the same amount when the one child is removed.

Jobfromhome

ok yes even on the tax credits we drop to 129 a month in august and down to 40 for CB as daughter going to uni. so in total around 170 a week. im sure the UC looks a better option.

calcotti

Incidentally, OP, you should get the one off £500 Tax Credit payment due in late April.
https://www.gov.uk/guidance/new-one-off-500-payment-for-working-households-receiving-tax-credits

poppy12345

calcotti said:

poppy12345 said:

Don’t forget that Calcotti’s calculation is based on 4 children so it will be £232 per month less once your 18 year old leaves non advanced education. Then another £86.67 per month less when the standard allowance decreases in October. 

But the Tax Credits would also go down by roughly the same amount when the one child is removed.

Of course but i was just pointing out to the OP who does seem to have difficultly understanding the figures quoted and i don't mean to sound rude to the OP either.

Jobfromhome

calcotti said:

Incidentally, OP, you should get the one off £500 Tax Credit payment due in late April.
https://www.gov.uk/guidance/new-one-off-500-payment-for-working-households-receiving-tax-credits

oh i thought that was only for people on working tax credits??

Jobfromhome

calcotti said:

Incidentally, OP, you should get the one off £500 Tax Credit payment due in late April.
https://www.gov.uk/guidance/new-one-off-500-payment-for-working-households-receiving-tax-credits

You may get a one-off, tax-free payment of £500 if, on 2 March 2021, you were getting either:

• Working Tax Credit
• Child Tax Credit and were eligible for Working Tax Credit but you did not get a payment because your income is too high to get Working Tax Credit payments

Jobfromhome

poppy12345 said:

calcotti said:

poppy12345 said:

Don’t forget that Calcotti’s calculation is based on 4 children so it will be £232 per month less once your 18 year old leaves non advanced education. Then another £86.67 per month less when the standard allowance decreases in October. 

But the Tax Credits would also go down by roughly the same amount when the one child is removed.

Of course but i was just pointing out to the OP who does seem to have difficultly understanding the figures quoted and i don't mean to sound rude to the OP either.

yes I do have difficulty understanding the figures maths wasnt my strong point lol

Jobfromhome

calcotti said:

Jobfromhome said:

so you think I should go for it? im still calculating i will be better off by 150 a week?

It’s not for us to make a recommendation one way or the other. It’s your decision. If you want greater certainty go to a local advice agency and ask them to go through your circumstances with you.

Bear in mind too that the Tax Credits will stop and you will wait 5 and a bit weeks for the first UC payment.

does that mean also no backdated payments to when tax credits stopped?

poppy12345

UC is paid monthly in arrears. You will receive your first statement just over 4 weeks after you submit your claim. Then your first payment will be about 4 days later, which makes it 5 weeks in total. After this you will be paid on the same date each month.