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Tax Credits advice please

(5 Posts)
crazymama1 Thu 29-Aug-13 15:13:56

Hi, just after a bit of advice on how to work out tax credits please.

I am a single parent, currently work 37 hours, earn a decent(ish) amount, (£21, 388 before any deductions) a couple of jobs have come up at the same banding as me, but reduced hours (22 hours) I really want to apply for these, but the reduced hours = reduced pay at the end of each month (really want to spend a bit of extra time with my daughter!)

A colleague has told me that if I applied for and got the job at reduced hours/pay my tax credits may increase (not by a huge amount) but she seems to think I wouldn’t be that much worse off.

Can anyone tell me how Working Tax/Child Tax credits work please? I am confused, i currently get £36 per week in TCs

Thank you in advance!

Feelingworried67 Thu 29-Aug-13 15:20:42

Google "Benefits Calculator" and put in your information there, once you've filled out all info you will receive a fairly accurate amount of what you may be due to take less hours.

Stepinstone Thu 29-Aug-13 15:35:23

Yes google tax credits calculator. I think you will find that you are significantly worse off though.

crazymama1 Thu 29-Aug-13 16:10:43

Feelingworried & Steppinstone Thank you for this, I thought the same that I would be worse off, but this colleague was adamant that I wouldn’t be ‘that much’ worse off.

I will have a look at the calculator, just to get an idea, but I don’t think I will be applying for these other jobs.

I wrote a little post this a while ago, when the child benefit laws changed. There is a link to the tax benefits calculator, plus other stuff. Working part time and getting tax credits works for me - a good balance. Hope it works out well for you - good luck sorting through all the options www.ablissfullife.co.uk/2013/02/are-you-getting-all-financial-support.html

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