Tax changes - are you better or worse off ?

(191 Posts)
throckenholt Wed 06-Apr-11 08:41:47

Just listening on the news that only the top 20% will be worse off. I had never realised before that I am that well off to be honest !

I think we will be about £250 worse off if the online predictor things are right - we have 3 kids, 1.3 FTE salary (both work part time) with a middling salary (average about 40-45K between us). I think the money we will lose will be from falling off the top of the child tax credit limit (just).

I don't particularly expect handouts from the govt at my level of income, but I was surprised that our income puts us as high as the top 20% - I would have thought a bit above the middle. There must be a very long tail stretching out to the high earners.

It made me wonder roughly how many others are similarly unaware that they are classed as the wealthiest 20%.

fifitot Sat 09-Apr-11 12:12:48

Is it the case that changes in tax will mean more money in our pay packets? I ask this as am very confused. Just had the letter confirming we will be not getting tax credits now - that is a £90 pm loss which will be a significant one I can tell you!

I think I can get childcare vouchers - will that help do you think? I know will pay less tax, but as much as £90 less? Anyone know how it works.

PrincessScrumpy Sat 09-Apr-11 17:11:24

Childcare vouchers mean you can put £243 a month in a childcare "fund" and use it to pay towards childcare. Saves me about £50 a month and if you are earning less than around £20,000 then you should have more in your pay packet as you will pay less tax - I think. I'll wait until my next pay packet and find out.

I have no idea what'll happen with my tax credits but at £33 a month I'm sure we'll cope. It is very handy though.

ByTheSea Sat 09-Apr-11 17:21:02

We'll be about £500 worse off.

SardineQueen Sat 09-Apr-11 17:40:21

£328 better off, if nothing had changed apart fro the budget happening.

The fact I have lost my job due to the cuts though means the minor loss of £21K per year. Not to be sniffed at hmm

I'm going to run it through as if I had always been one of Dave's beloved SAHMs...

SardineQueen Sat 09-Apr-11 17:42:15

Hmmm 12.96 better off. If we forget about the small matter of my job...

lynnedyloo Mon 11-Apr-11 18:37:37

im a single mum with 2 kids and i work full time and earn less than£14000 and im still going to be £500 worse off!!! really dont know how they justify it!!!

angrymomma Mon 11-Apr-11 22:54:18

lynnedyloo, am similar situation as you.

Completely mystified as to how 'they' work these things out.

Am waiting for an expert to come along soon and explain it to me.

mrstapir Tue 12-Apr-11 11:38:08

I feel really irked by the cut in child benefit. I earn just enough to lose my child benefit. My husband is a stay at home dad. I work with many people who have one child and a joint income of 80k who will not lose their child benefit. How can this be fair because my husband and I have decided that for our child, the best thing is to look after her at home? We can manage without it and I wouldn't mind but there is a lack of fairness.

MilaMae Tue 12-Apr-11 14:00:55

Just lost our tax credits which means we also will loose our water capping(I wonder if others realise they'll loose that too) so £60- £80 this month. Loose our entire child benefit when that rolls in so we'll loose about £300 a month.

It stinks to be frank.

fastedwina Tue 12-Apr-11 20:15:10

we will be worse off though not complaining as we are lucky enough to still be able to maintain a good standard of living compared to some others.

wheredidyoulastseeit Tue 12-Apr-11 21:23:20

actually I am so furious about how this government is affecting me and my childrens futures I cannot even put it into words.

But why is our just above benefit level income being assessed for university grants when our children will have the debt.

cwissy Mon 25-Apr-11 22:42:16

Hi i was wondering if someone could help me ? I am a single mum of four kids ( although my twins are 21 and have moved out ) but i still have my 2 daughters living with me one is 16 and at college and the other is 6 , I work 18 hrs a week and pay childcare costs for my 6 year old , could you tell me if it is true that the minimum working hours is changing to 24 hrs a week as if this is true i stand to lose my job as my employer has not got the hours to give me .

BellaTalbert Wed 04-Apr-12 15:30:24

£307 worse off from tax credits and still waiting for the CSA to get its act together I am seriously wondering if my daughter and I were on benefits

BellaTalbert Wed 04-Apr-12 15:31:01

Meant to say better off on benefits

WetAugust Wed 04-Apr-12 22:44:29

WARNING - ZOMBIE THREAD

bronze Mon 16-Apr-12 09:31:10

Are they supposed to warn you about any changes as I've just found we're going to be £200 a month worse off by their simply changing the amount coming into our account. No warning or anything.

It's a hugely different amount to the figures the calculators have given me

I want a letter so i can check it. Fuck we're screwed this month as I need to budget

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now