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Tax credits

(3 Posts)
misspollysdolly Mon 11-Jul-11 20:52:33

Just wondering if anyone can explain to me in real terms how tax credits actually work/are calculated...?! I am probably just a bit thick, but I haven't a clue what they are all about. I also haven't a clue what changes to our lifestyle would bring changes to the amount we get. Both DH and I earn a low amount (I think, relatively - though I actually don't ever ask anyone else what they earn so who knows...hmm) and we get quite an amount of tax credits money each months (so it seems - again, haven't ever asked anyone else...) - certainly our childcare is entirely covered with extra. I had always thought that I had to work at least 16 hours per week to be eligible (have worked part/half-time since having DD) but I am now pregnant with DC4 and have had a few thoughts about not working for a while - a friend said our tax credits would increase if I stopped working, but I don't understand how since I always thought my work was crucial to our claim... Any wisdom anyone...?! I haven't a clue, frankly...confused MPD

cjbartlett Mon 11-Jul-11 20:54:51

No they will decrease if you're talking about working tax credit

Look at entitledto.com

CogitoErgoSometimes Mon 11-Jul-11 21:23:38

Best way to understand is to take some time and read through this explanation of Tax Credits and run some 'what ifs' through this Benefits Checker

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