Tax credit calculators for new budget 2016/17

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Sazzybo39
Sazzybo39 Posts: 12 Forumite
edited 7 January 2016 at 5:12PM in Benefits & tax credits
MSE Official Insert:

Thank you to everyone who's been helping each other out in this discussion, tirelessly, since July.

Read our Tax Credits guide too.

Back to Sazzybo39's original post...

Hi,

Anyone found any Tax credit calculators for new budget 2016/17 yet?

:-)
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  • zagfles
    zagfles Posts: 20,323 Forumite
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    edited 15 July 2015 at 3:00PM
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    Yes but they give the wrong answer!

    What are your circumstances?
  • Urgent_advice_needed
    Urgent_advice_needed Posts: 19 Forumite
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    I have been worrying myself silly about the changes next April since the budget last week! Are families affected unable to work out exactly how much they will lose until then??


    I have tried working it out myself but keep coming up with different figures!!


    I have one child, and earn approx. £10,600 a year. I work 23 hours a week........can anyone point me in the right direction to be able to do an accurate calculation?
  • Urgent_advice_needed
    Urgent_advice_needed Posts: 19 Forumite
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    Thanks. Over £30 a week is a huge loss for me. I feel really sorry for everyone it affects, its going to be catastrophic for a lot of people.


    Im not sure that everyone realises what is going to happen. The over-riding message in the budget was that WTC was frozen, the gigantic changes to the taper weren't so obvious at first.
  • Icequeen99
    Icequeen99 Posts: 3,775 Forumite
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    Urgent_advice_needed wrote: »
    Thanks. Over £30 a week is a huge loss for me. I feel really sorry for everyone it affects, its going to be catastrophic for a lot of people.


    Im not sure that everyone realises what is going to happen. The over-riding message in the budget was that WTC was frozen, the gigantic changes to the taper weren't so obvious at first.

    You are absolutely right - the media picked up on the limiting to 2 children and the taper/threshold changes seem to have passed everyone by but they hit existing claimants massively. There will be lots of upset people come April 2016.

    IQ
  • bloolagoon
    bloolagoon Posts: 7,973 Forumite
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    Icequeen99 wrote: »
    You are absolutely right - the media picked up on the limiting to 2 children and the taper/threshold changes seem to have passed everyone by but they hit existing claimants massively. There will be lots of upset people come April 2016.

    IQ

    I don't think many have noticed it but ones I've spoken to have said they will look to increase their hours in April - not now! So they either think it's not going to happen or they are prepared to risk asking when it's likely many others will too.
    Tomorrow is the most important thing in life
  • giddypenguin
    giddypenguin Posts: 808 Forumite
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    blondebubbles wrote: »
    Tax credits would reduce by approx £1526 (Assuming no childcare or disabilities)

    How do those claiming just for childcare compare (ie, wouldn't be entitled if not using childcare), is it a similar drop?
  • GirlFromMars_2
    GirlFromMars_2 Posts: 459 Forumite
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    Icequeen99 wrote: »
    You are absolutely right - the media picked up on the limiting to 2 children and the taper/threshold changes seem to have passed everyone by but they hit existing claimants massively. There will be lots of upset people come April 2016.

    IQ
    Families who've checked the changes on one of the incorrect calculators are going to be really shocked at how much they'll actually lose. Especially if the media don't bother to explain the massive error between now & April!

    http://www.litrg.org.uk/News/2015/150708_child_tax_credit_confusion
  • SkyeKnight
    SkyeKnight Posts: 513 Forumite
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    GirlFromMars wrote: »
    Families who've checked the changes on one of the incorrect calculators are going to be really shocked at how much they'll actually lose. Especially if the media don't bother to explain the massive error between now & April!

    http://www.litrg.org.uk/News/2015/150708_child_tax_credit_confusion

    I'm pretty flabbergasted that none of the newspapers have picked up on the enormous cut in income for working families this is going to cause - it makes me wonder if the figures on here can really be correct?

    Someone on an average salary of around £26k with two kids is going to lose over £2.5k - that just doesn't sound possible for most families to deal with.

    There are over 3 million households who work and claim tax credits, most of whom are going to lose over 10% of their income. Surely there will be some kind of financial disaster if that happens?
  • GirlFromMars_2
    GirlFromMars_2 Posts: 459 Forumite
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    SkyeKnight wrote: »
    I'm pretty flabbergasted that none of the newspapers have picked up on the enormous cut in income for working families this is going to cause - it makes me wonder if the figures on here can really be correct?

    Someone on an average salary of around £26k with two kids is going to lose over £2.5k - that just doesn't sound possible for most families to deal with.

    There are over 3 million households who work and claim tax credits, most of whom are going to lose over 10% of their income. Surely there will be some kind of financial disaster if that happens?
    Yup - it's going to be a scary time! Not only do the families losing £2000 a year have significantly less to live on - they have £2000 less to spend and put back into the economy. Everyone is going to notice this.

    Of course the government aren't going out of their way to point out the problems.

    Going to be interesting when the media do finally catch up & realise what the reality of the cuts will be, not just their hasty fag packet calculations while filing the initial stories.

    A few more examples of the real losses here:

    http://www.taxationweb.co.uk/tax-articles/budgets-and-autumn-statements/tax-credits-cuts-what-do-they-mean.html
  • zagfles
    zagfles Posts: 20,323 Forumite
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    giddypenguin wrote: »
    How do those claiming just for childcare compare (ie, wouldn't be entitled if not using childcare), is it a similar drop?
    The drop can be worked out just from income. If you get WTC and earn over £6420, the drop is £1233 plus 7% of income over £6420.
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