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Child tax credits help

(12 Posts)
Bakerof3pudsxx Sat 11-Jan-14 13:36:38

Op if you rent you may get assistance there too?

lisad123everybodydancenow Sat 11-Jan-14 12:20:39

Message withdrawn at poster's request.

lougle Sat 11-Jan-14 10:47:13

Hi lisad,

If your DH's income reduces now, and that causes his income to be more than £2500 less than it was last year, then you can ask them to do an 'in-year assessment of income'.

The trouble is, that the first £2500 drop in income is disregarded, and after that any drop in income will only see 41p increase in tax credits for every pound (because that's what's deducted from your tax credit award for every £1 you earn).

So, if your DH's income before deductions is £1500 per month, then he would lose £3000 for February and March. The first £2500 is deducted, so that takes it down to £500. £500 x £0.41=£205. It means that you'd only get an extra £102.50 per month extra, which is roughly £25 per week. Basically, you'd be losing £2100 ish (after tax/NI) and gaining £205.

If your DH's income before deductions was £2000 per month, then he'd lose £4000 for February and March. The first £2500 is deducted, so that takes it down to £1500. £1500 x £0.41= £615. It means you'd get an extra £307.50 per month, roughly £77 per week extra. But you'd be losing £2800 ish (after tax/NI) and gaining £615.

Sorry not to be more encouraging.

littleblackno Sat 11-Jan-14 10:25:08

But if your circumstances change in the middle of the year then they reassess and adjust your payments accordingly. So I don't understand why they are saying they can't change anything till april? I may have misunderstood though.
Have you used the online calculator to look at what you would get if dh was not working?
Hope things get sorted for you it's shit being in a job you hate.

Bakerof3pudsxx Sat 11-Jan-14 10:20:59

If your income would be more than 2500 less they will recalculate

lisad123everybodydancenow Sat 11-Jan-14 10:19:07

Message withdrawn at poster's request.

tgamble13 Thu 09-Jan-14 21:56:57

i know what you mean but am sure itll work out for the best

lisad123everybodydancenow Thu 09-Jan-14 20:53:16

Message withdrawn at poster's request.

flagnogbagnog Thu 09-Jan-14 20:28:09

Well they do usually say something like 'always let us know if your circumstances change, even if your money goes down, we may be able to help you'.

Would we well worth giving them a call I think.

tgamble13 Thu 09-Jan-14 20:27:56

i have been told that if you ring them and explain situation they will reassess. i hope this is true as when on ml i plan to contact when my wages drop. sorry cant provide any concrete advise hope all goes well

lisad123everybodydancenow Thu 09-Jan-14 20:22:39

Message withdrawn at poster's request.

lisad123everybodydancenow Thu 09-Jan-14 19:50:51

Message withdrawn at poster's request.

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