Working Tax Credit / Child Tax Credit

TwoUpTwoDown

Hi all

I'm wondering if i've missed a trick and not been claiming for credit where we are able to?

basic info:

Me - employed 37.5 hours per week- salary £75k per year plus Self Employed work £5k per year
My partner (married her this Feb but been together 5 years) - self employed - average 16-24 hours per week. Earnings of around 12k per year.

2 kids (both between me and my wife):
DS - 3.5 years old
DD - 2 years old

I have been claiming top ups on deposits paid in to our tax free childcare account for nursery but I'm now worried that we may have missed on some credits that we can apply for? 

I looked on the gov website quickly but it confused me before I got properly started to be honest.

Many thanks

calcotti

You cannot make new claims for Tax Credits - they have been replaced by Universal Credit.
You cannot use Tax Free Childcare and claim Universal Credit.
Use a benefits calculator to see if you would have any Universal Credit entitlement.
https://www.gov.uk/benefits-calculators

TwoUpTwoDown

Thanks 

I've never claimed for child benefit as i was once told i didnt qualify due to my earnings but doesn't look like this is true
I try to pay a bit in to their JISA each month so if we were eligible then it would be good boost to their savings for the future

TwoUpTwoDown

i was told once you earn over 60k then you lose all the benefit via taxation?

marcia_

TwoUpTwoDown said:

Thanks 

I've never claimed for child benefit as i was once told i didnt qualify due to my earnings but doesn't look like this is true
I try to pay a bit in to their JISA each month so if we were eligible then it would be good boost to their savings for the future

 Everyone can claim child benefit BUT if you earn over £50k you need to pay a charge according to this 

https://www.gov.uk/child-benefit-tax-charge

TwoUpTwoDown

Thanks. I saw that you need to pay a charge but i think i'm right in saying that the charge fully offsets the income at 60k plus yes? If so, then that's fine, I've not missed out on anything and don't need to action anything

sammyjammy

TwoUpTwoDown said:

Thanks. I saw that you need to pay a charge but i think i'm right in saying that the charge fully offsets the income at 60k plus yes? If so, then that's fine, I've not missed out on anything and don't need to action anything

That is true but there are other benefits like NI credits towards State pension that maybe beneficial dependant on circumstances

marcia_

TwoUpTwoDown said:

Thanks. I saw that you need to pay a charge but i think i'm right in saying that the charge fully offsets the income at 60k plus yes? If so, then that's fine, I've not missed out on anything and don't need to action anything

 Post on the tax board. There are ways to bring your income down so you don't pay the charge that i dont fully understand but the tax board posters know.  

 

Spoonie_Turtle

sammyjammy said:

TwoUpTwoDown said:

Thanks. I saw that you need to pay a charge but i think i'm right in saying that the charge fully offsets the income at 60k plus yes? If so, then that's fine, I've not missed out on anything and don't need to action anything

That is true but there are other benefits like NI credits towards State pension that maybe beneficial dependant on circumstances

In this case people can claim it (most likely OP's wife, with her lower earnings) and opt for it not to be paid so they don't then have to repay it through tax.

calcotti

sammyjammy said:

TwoUpTwoDown said:

Thanks. I saw that you need to pay a charge but i think i'm right in saying that the charge fully offsets the income at 60k plus yes? If so, then that's fine, I've not missed out on anything and don't need to action anything

That is true but there are other benefits like NI credits towards State pension that maybe beneficial dependant on circumstances

As OP refers to 'my' earnings being too high I assume she will have NI contributions recorded already.

sammyjammy

Spoonie_Turtle said:

sammyjammy said:

TwoUpTwoDown said:

Thanks. I saw that you need to pay a charge but i think i'm right in saying that the charge fully offsets the income at 60k plus yes? If so, then that's fine, I've not missed out on anything and don't need to action anything

That is true but there are other benefits like NI credits towards State pension that maybe beneficial dependant on circumstances

In this case people can claim it (most likely OP's wife, with her lower earnings) and opt for it not to be paid so they don't then have to repay it through tax.

I know that, I was pointing that out to the OP and others it might applies to.