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Any tax credits experts around?

(11 Posts)

I have been offered a job which is a substantially lower income than I currently earn but which would provide a much better work life balance for my family. I've looked on the tax credits calculator and also the benefits advisor and they give such vastly different information that I'm totally confused.

Family income would be @ �28k pa with childcare costs if 500 a month. Tax credits calculator estimates I will get �900 ish a year but benefits advisor says �160 a week confused

Any rough idea what is the closest estimate? Thanks smile

The tax credits calculator usually just shows the amounts up to the end of the financial year iirc (so until 1st week of April). That might account for the discrepancy. Bear in mind that the first 2.5k of decreased income will be ignored for the first year, which the calculators may not be taking into account unless they're asking for current income too.

That makes sense. I expected somewhere around 300 a month based on past experience which would tally with what the calculator says a bit more. I probably missed that in the small print blush

RedHelenB Tue 04-Feb-14 18:48:54

How many children?

DingbatsFur Tue 04-Feb-14 18:50:15

If you can avoid tax credits at all, do! Major pain.

1 child. Would love to avoid tax credits but until Ds turns three we really do need them or I wouldn't be able to work at all.

RedHelenB Wed 05-Feb-14 18:44:29

The lower amount sounds right if it is just one child.

I thought you only got tax credits if you earn less than £26k a year when you just have one child? (Might not know what I'm talking about!)

Its the childcare element I would get, if I didn't have any childcare costs then we wouldn't be eligible but we both work full time with no family help.

Oh ok. That's good childcare is so expensive, we wouldn't have been able to afford it without tax credits.

jozanna Thu 06-Feb-14 17:11:41

hi, just wondering if anyone can tell me if I can claim tax credits or working tax credits for my own child as I am a foster carer and not sure how it works with the whole fostering allowance .

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