Quizzes & Puzzles0 min ago
Working Tax Credits help
7 Answers
I currently work full time and receive Working Tax Credits for my one child who is 3 yrs old. Im due to have another baby in January and be off for my maternity (between 6-9 months). The issue I have is that before I return I may be made redundant so Im panicking monetary wise for my current bills. As Ive only been in my job for 3 yrs I wont really get a big pay off.
Is anyone a WTC genius as Im trying to fathom out how my payments would increase, etc ..... to roughly what amount.
I earn £21k and my partner £12k so we would only be calculated on his wage. At present we rec £271.00 per month for my son.
Do you think this would double with an extra child and me not working.
Sorry to sound bad asking this but Im worrying about finances until I manage to get into another job which could/couldnt be straight away.
Thanks for any help!
Is anyone a WTC genius as Im trying to fathom out how my payments would increase, etc ..... to roughly what amount.
I earn £21k and my partner £12k so we would only be calculated on his wage. At present we rec £271.00 per month for my son.
Do you think this would double with an extra child and me not working.
Sorry to sound bad asking this but Im worrying about finances until I manage to get into another job which could/couldnt be straight away.
Thanks for any help!
Answers
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try using the calculator and filling in figures as they would be if you lost your job.
Of course, you would no longer be on maternity leave if you were made redundant, so complete it as if you have no income apart from your husbands.
http://www.hmrc.gov.u...question-how-much.htm
Of course, you would no longer be on maternity leave if you were made redundant, so complete it as if you have no income apart from your husbands.
http://www.hmrc.gov.u...question-how-much.htm
Yes, the online calculator will help.
It might also be worth using it to check your current level of WTC (which is more than I would have expected for a couple with a household income of £33000 pa- although I haven't yet checked te hcalculator). Some families find they are receiving too much and then get a shock when they have an adjustment later.
It might also be worth using it to check your current level of WTC (which is more than I would have expected for a couple with a household income of £33000 pa- although I haven't yet checked te hcalculator). Some families find they are receiving too much and then get a shock when they have an adjustment later.
Yes we do get help with childcare and we did have my husbands son live with us for 6 months - WTC completely confuses me as everything is worked back from the previous year isnt it. All the figures I give to them are from the relevant P60 (i think thats the one) form which stated I earned just on £18k the year before ... there are a few factors extra that they say are reflected in our monthly payment so I know the payment is correct. I would not give any false information like my husbands ex wife who was landed with £4200.00 to pay back!!
I will check the calculator out now and see what it says.
I will check the calculator out now and see what it says.
1. When you go on maternity leave you will be entitled to Statutory Maternity Pay for up to 39 weeks. This payment must continue even if you are made redundant during the 39 weeks, unless you start work for another employer.
2. For Tax Credits, the first £100 per week of your SMP is ignored - the rest is treated as income.
3. If you are not working you will not be entitled to the child care element of tax credits.
4. Your tax credit entitlement for the 11-12 year will initially be based on your (& your husband's) incomes for 10-11 - which will be more than in 11-12 as you will be on SMP for at least 3 mths of this year. After the year end, when you do the annual declaration, your entitlement will be re-calculated to be based on your actual 11-12 incomes, & you may have been underpaid.
5. I calculate that, while you are unemployed & based on your husband earning £12K pa, your entitlement to Child Tax Credit should be about £108 p wk, & Working Tax Credit about £45 p wk. (But do your own calculations & see what they come up with.) This should be the position in the 12-13 year but in order to get this amount you will have to ask Tax Credits to put you on to a current year basis. (If you do not do so, you will be paid on the basis of your joint 11-12 incomes & may well then be underpaid until the next annual declaration is done.) The problem with this is that if you then get a job during the year your income will go up & you may have been overpaid tax credits - which would be recovered from your payment for the rest of the year.
5. Do remember to let Tax Credit know as soon as anything happens which changes the situation - you stopping work; baby being born etc.
2. For Tax Credits, the first £100 per week of your SMP is ignored - the rest is treated as income.
3. If you are not working you will not be entitled to the child care element of tax credits.
4. Your tax credit entitlement for the 11-12 year will initially be based on your (& your husband's) incomes for 10-11 - which will be more than in 11-12 as you will be on SMP for at least 3 mths of this year. After the year end, when you do the annual declaration, your entitlement will be re-calculated to be based on your actual 11-12 incomes, & you may have been underpaid.
5. I calculate that, while you are unemployed & based on your husband earning £12K pa, your entitlement to Child Tax Credit should be about £108 p wk, & Working Tax Credit about £45 p wk. (But do your own calculations & see what they come up with.) This should be the position in the 12-13 year but in order to get this amount you will have to ask Tax Credits to put you on to a current year basis. (If you do not do so, you will be paid on the basis of your joint 11-12 incomes & may well then be underpaid until the next annual declaration is done.) The problem with this is that if you then get a job during the year your income will go up & you may have been overpaid tax credits - which would be recovered from your payment for the rest of the year.
5. Do remember to let Tax Credit know as soon as anything happens which changes the situation - you stopping work; baby being born etc.
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