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Tax credit calculator

(9 Posts)
iwishthiswaseasier Wed 19-Apr-17 19:36:15

So I'm trying to work out how much I would earn if I took a certain job. I have used the tax credit calculator and it asks what my income was for April 2016 - 2017 and then gives me a large amount of tax credits (I earned a low salary last tax year). But the new job would be full time and between 30-35 k and if I input that as my last years earning I would get no tax credits or very little.

So how does it work? Should I be inputting last years tax credits or this years to get a better idea of how much I would get? confused

Babyroobs Wed 19-Apr-17 19:44:44

If you put in last years and get awarded loads of tax credits then you are going to end up with a huge overpayment to pay back !!
If you know that you won't be getting any tax credits on an income of £35k what is the point in applying?
How many kids do you have?

Babyroobs Wed 19-Apr-17 19:46:55

Sorry probably not explained it very well. if you put in last years lower income , then you earn a lot more this year you will end up with an overpayment as you won't have been entitled to any on the higher wage.
If you took a higher paid job then you would need to inform them asap of the increased income and your tax credits may stop anyway.

Leatherboundanddown Wed 19-Apr-17 19:53:59

I don't think you would get much tax credits at all if earning over 30k, are your childcare costs very high.

You should definitely take the job though, that is good money you should be proud.

Babyroobs Wed 19-Apr-17 19:57:26

People can get tax credits on high incomes it all depends how many kids you have, childcare costs, disabilities etc.
The cut off for 3 kids and no childcare costs is around £38k.

iwishthiswaseasier Wed 19-Apr-17 20:37:13

I have one child, during term time my childcare cost would only be around £50 per week. But if she went to a holiday club for 5 days in the holidays then it would be £185 per week.

Hopefully she wouldn't be at the holiday club everyday but I'm just trying to work out money at the moment.

SheDoneAlreadyDoneHadHerses Wed 19-Apr-17 21:38:09

There's a part on the Entitledto website that asks for your wage 2016-17 and then asks if this year is more or less than last year, so it allows you to enter what you'll get this year and takes that into account.

Rockchick1984 Thu 20-Apr-17 07:14:43

Have a look here but realistically you are unlikely to get any help even once you average the holiday childcare into it.

Can you claim childcare vouchers through the employer? That would work out more beneficial to you.

MrsSkeffington Thu 20-Apr-17 07:24:44

You'll probably get moved over to universal credits due to change in circumstances anyway

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