Tax credit help

[Cantstopwontstopeating]

Hi,

I am getting myself in such a panic. I have just checked my online tax credits (I receive child/working tax) for my 5 year old - they have reduced my payments by 100 per week so now other than my child tax, I’m now entitled too just £7.26 w.t.
I work 30 hours on minimum wage and this extra money really helped me! Surely this can’t be right? Has anyone got any advice?
Thank you!

I can help a little, I think:

Assuming you are single and over 23 years old, your income is 30×£8.91 per week, which is £13937 per year.

You'll get elements:
WTC Basic £2005
WTC Single parent £2060
Family element £545
Child element £2845
30 hrs £860
Total: £8315

Your threshold allowance is £6565 and then everything has 41% deducted after that.

£13937 - £6565 = £7372
7372 × 0.41 = £3022.52

£8315-£3022.52 = 5292.48

That works out at £101.49 per week for both child tax and working tax combined. Is that roughly what you're getting?

Do you have childcare costs you've forgotten to tell them about?

Did your income go up mid year and they might be taking back an overpayment?

Thank you for this @Lougle will it go back up once I have renewed or is this my permanent payment? Xx

And no I’ll be getting just under £70/week. No childcare costs, don’t think I’ve had an over payment? If anything my income dropped as I was on furlough for much of last year. I’m just really confused and in a bit of a panic!

Don't worry just make sure you do your claim when they ask... mine has gone down too based on my new tax return 19/20
I've Worked out 20/21 and will do that soon... I'm working more now so will add childcare which does add to it..

Tax credits were increased last year due to pandemic, they stopped that in April/ new tax year. Which is why they did the extra £500 for this year.

Ah yeah mine had initially went down £20 which I understood was what was increased last year- which is fine.
But too lose nearly £100 a week is daunting, when all of my bills etc come out of my wage and the wtc is what I use to “live on” each week.

Same here! Went down and down over April......