What are the brackets for tax credits?

[joannewatson]

Ive just had a baby and am back at work full time in january. Me and my husband will be �8000 down in salary and childcare costs before we even think about clothes, food and toys but apparently we earn too much to get any help with costs and will only get about �40 child tax credits a month. I am going back to work full time but working an hour less every day (so I can see my son). I think I might me better off working part time but dont know the brackets, can anyone help?

[Hawkwalk]

http://www.taxcredits.inlandrevenue.gov.uk/Qua lify/WhatAreTaxCredits.aspx

take a look here.

[shelby19]

Why not save on the childcare costs and stay at home and look after your son yourself?

[bednobs]

i dont understand - you say you earn too much to get any help, but then say you'll be getting 40 pounds per month

[themas]

This can be quite complicated, especially if you have childcare costs (with a registered or approved childminder and therefore eligible for help through tax credits) which would change if you reduced your hours. There are not brackets as such - more of a sliding scale which takes all relevant elements into account - so it's not possible to answer your question in the way you envisage.

Where did you get the �40 p mth figure from? Was it based on your & your husband's income once you return to to work, or was it based on your joint incomes for the 06-07 tax year? If the latter then the figure may be too low if your joint incomes for this tax year will be less than for 06-07.

I doubt whether you will overall be better off if you work part time rather than full time, but it is not possible to give any more information unless you can post both the joint gross income for 07-08 assuming you work full time, and assuming you work part time. The average weekly childcare costs in both situations are also needed.

[helpmetoo]

child tax credits?
whats all that about?
you apparently cant afford the child,
should have thought about that before surely!

i want a porsche but cant afford one,
how about gordon brown introducing lazy persons porsche tax credits?
no?

i think i will get a porsche anyway,
you can all contribute to the cost...