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intelligent & informed tax credits help!!!

(9 Posts)
nappyrat Wed 17-Aug-16 20:41:41

Can anyone tell me how on earth you start to figure out how TCs would be affected if you start to earn more. I've been offered more work but have no idea if it'd be worthwhile financially. Need some advice

RayofFuckingSunshine Wed 17-Aug-16 20:48:39

They used to have an online calculator you could input different details into

nappyrat Wed 17-Aug-16 22:56:18

It's shit! Unsophisticated, shit.
The people in citizens advice haven't got a bloody clue. Someone surely someone must be bright enough to have figured this out on mumsnet??!

Sofabitch Wed 17-Aug-16 22:58:07

There is a website called entitled to. It's reasonably accurate

Sofabitch Wed 17-Aug-16 22:59:24

At the end there is a bit where you can adjust income to see how it affects tax credits etc

Fanjango Wed 17-Aug-16 23:03:11

This is the official calculator for this year link

Pandamanda3 Wed 17-Aug-16 23:04:41

I think you can do a calculation on Martin Lewis's website money saving expert. He's very good and I do find a lot of good info & hekp on there!
I know what you mean about it being bloody ridiculous to understand, I can't even understand the award letter from them. Tried a million times to look into it starting at the basics but just got swamped by too much info that was not helpful.
Good luck though!

nappyrat Wed 17-Aug-16 23:09:13

Thanks s mill guys.
Completely agree - what s bloody shit over complicated system.

lougle Wed 17-Aug-16 23:29:43

You can work it out to the last penny. You need the threshold tables which give you the rates for each element.

That shows you that this year there is an income rise disregard of £2500, so you can deduct that from any payrise you get this year. After that, the taper is 41%, so you'll lose 41p for every gross £1 of earnings. Bear in mind that you'll pay 20% tax and 12% NICs, so you'll actually be 29p better off for every £1 you earn overall, unless you are enrolled in a workplace pension, in which case you'll have to take that into account.

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