tax credit and payrises
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iammumtoone
Posts: 6,377 Forumite
I will be getting a large payrise over 10K
What happens with my tax credits I was claiming? I may be over the amount I can't now claim anything (does anyone have a link to what the ceilings are)
If I am no longer entitled to claim do they stop immediately or do I still qualify for this year as it goes on lasts years wage?
I know I can use the various benefits calculators but I don't like them, they take forever to fill in asking for alot of in my case irrelevant information.
Thanks
What happens with my tax credits I was claiming? I may be over the amount I can't now claim anything (does anyone have a link to what the ceilings are)
If I am no longer entitled to claim do they stop immediately or do I still qualify for this year as it goes on lasts years wage?
I know I can use the various benefits calculators but I don't like them, they take forever to fill in asking for alot of in my case irrelevant information.
Thanks
0
Comments
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Working Tax Credit and Child Tax Credit - for people with children (2017-18)
Household
Income. 1chld. 2chld. 3chld
£6,420 £8,105 £10,885 £13,665
£10,000 £6,645 £9,425 £12,205
£15,000 £4,595 £7,375 £10,155
£20,000 £2,545 £5,325 £8,105
£25,000 £495 £3,275 £6,055
£30,000 £0 £1,225 £4,005
£35,000 £0 £0 £1,9550 -
Tax credits is based on last year’s income unless the current year income increases/decreases by £2,500.
The calculations don’t ask for irrelevant information as the thresholds depends entirely on the specific circumstances of your household eg working hours, disabilities, number of children, childcare costs etc.0 -
Darksparkle wrote: »Tax credits is based on last year’s income unless the current year income increases/decreases by £2,500.
The calculations don’t ask for irrelevant information as the thresholds depends entirely on the specific circumstances of your household eg working hours, disabilities, number of children, childcare costs etc.
Its an increase of more than 2,500 so it will be based on this year. Will they be accurate with their re-calculations mid year? how can I assist to make sure this happens? I don't want an over payment situation when they check at the end of the year.
It is irrelevant information for me as most of it I know doesn't apply for me. The only part I ever need to check is the tax credit part. There is not option to do this you have to go through all the council tax/mortgage/savings etc (I appreciate this is good thing for most as it covers all situations and sometimes people could qualify for this extra as well), I find a table as supplied by Sambella much easier to work with.0 -
You could just use the tax credit calculator then.
The table provided is useful if no disabilities or childcare. As I said above though, the thresholds are affected by this.
The calculations will be based on the new estimated income for this tax year that you provide to them so it will depend on how accurate you are in your calculation of your income for the year. Depending on the figures and your circumstances you may already be overpaid.0 -
Darksparkle wrote: »You could just use the tax credit calculator then.
The table provided is useful if no disabilities or childcare. As I said above though, the thresholds are affected by this.
The calculations will be based on the new estimated income for this tax year that you provide to them so it will depend on how accurate you are in your calculation of your income for the year. Depending on the figures and your circumstances you may already be overpaid.
Found the tax credit calculator, thank you, that is just what I need, i never realised that was available
My concern is previously my wages have always been estimated as i never knew how much overtime I would have to do. Now I have a set wage. If I worked out from pay slips the exact amount from April until now. could they calculate based on that?
Thanks again0 -
You’d need to provide the estimate for the full tax year so what you expect to earn from April 17 til April 18. So yes you can use payslips for your year to date pay then add what you expect to earn for the remainder of the year.0
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