Tax changes - are you better or worse off ?

[throckenholt]

Just listening on the news that only the top 20% will be worse off. I had never realised before that I am that well off to be honest !

I think we will be about £250 worse off if the online predictor things are right - we have 3 kids, 1.3 FTE salary (both work part time) with a middling salary (average about 40-45K between us). I think the money we will lose will be from falling off the top of the child tax credit limit (just).

I don't particularly expect handouts from the govt at my level of income, but I was surprised that our income puts us as high as the top 20% - I would have thought a bit above the middle. There must be a very long tail stretching out to the high earners.

It made me wonder roughly how many others are similarly unaware that they are classed as the wealthiest 20%.

[PrincessScrumpy]

Childcare vouchers mean you can put £243 a month in a childcare "fund" and use it to pay towards childcare. Saves me about £50 a month and if you are earning less than around £20,000 then you should have more in your pay packet as you will pay less tax - I think. I'll wait until my next pay packet and find out.

I have no idea what'll happen with my tax credits but at £33 a month I'm sure we'll cope. It is very handy though.

[ByTheSea]

We'll be about £500 worse off.

[SardineQueen]

£328 better off, if nothing had changed apart fro the budget happening.

The fact I have lost my job due to the cuts though means the minor loss of £21K per year. Not to be sniffed at

I'm going to run it through as if I had always been one of Dave's beloved SAHMs...

[SardineQueen]

Hmmm 12.96 better off. If we forget about the small matter of my job...

[lynnedyloo]

im a single mum with 2 kids and i work full time and earn less than£14000 and im still going to be £500 worse off!!! really dont know how they justify it!!!

[angrymomma]

lynnedyloo, am similar situation as you.

Completely mystified as to how 'they' work these things out.

Am waiting for an expert to come along soon and explain it to me.

[mrstapir]

I feel really irked by the cut in child benefit. I earn just enough to lose my child benefit. My husband is a stay at home dad. I work with many people who have one child and a joint income of 80k who will not lose their child benefit. How can this be fair because my husband and I have decided that for our child, the best thing is to look after her at home? We can manage without it and I wouldn't mind but there is a lack of fairness.

[MilaMae]

Just lost our tax credits which means we also will loose our water capping(I wonder if others realise they'll loose that too) so £60- £80 this month. Loose our entire child benefit when that rolls in so we'll loose about £300 a month.

It stinks to be frank.

[fastedwina]

we will be worse off though not complaining as we are lucky enough to still be able to maintain a good standard of living compared to some others.

[wheredidyoulastseeit]

actually I am so furious about how this government is affecting me and my childrens futures I cannot even put it into words.

But why is our just above benefit level income being assessed for university grants when our children will have the debt.

[cwissy]

Hi i was wondering if someone could help me ? I am a single mum of four kids ( although my twins are 21 and have moved out ) but i still have my 2 daughters living with me one is 16 and at college and the other is 6 , I work 18 hrs a week and pay childcare costs for my 6 year old , could you tell me if it is true that the minimum working hours is changing to 24 hrs a week as if this is true i stand to lose my job as my employer has not got the hours to give me .

[BellaTalbert]

£307 worse off from tax credits and still waiting for the CSA to get its act together I am seriously wondering if my daughter and I were on benefits

[BellaTalbert]

Meant to say better off on benefits

[WetAugust]

WARNING - ZOMBIE THREAD

[bronze]

Are they supposed to warn you about any changes as I've just found we're going to be £200 a month worse off by their simply changing the amount coming into our account. No warning or anything.

It's a hugely different amount to the figures the calculators have given me

I want a letter so i can check it. Fuck we're screwed this month as I need to budget