Is anyone else going to really struggle when they reduce tax credits in April ?

[Lilyloo]

Just found out we are going to be getting less than a 1/4 of what we are getting now come April things are a real squeeze already.

How do you work out what you are going to get and who is getting cut?

I do not know how to work out how much they are being reduced by. Is there a new calculator available. My hubby and I together only earn around £20 K and we rely on TC's to help towards our childcare although he starts school in September so we should have less costs then.
At the moment we get around £350 per 4 weeks which just pays the nursery fees

I'd like to see something showing what it will be. April us quite close and I want to try and budget.

We are looking v carefully at our grocery budget, we have never been extravagent but everything has gone up a lot recently.

Is there somewhere that post April entitlement can be checked? I'm fairly sure we will be affected but not sure by how much.

This BBC 'tax credit changes explained' link is a bit wordy but there are some examples towards the end which might help anyone trying to work out what it means in practice. The HMRC tax credit calculator will be updated from 6th April, according to their website.

Does any know how it would affect lone working parents? If my wtc is cut im going to lose my house i think?!

Even after looking at that BBC link I'm not sure how to work out whether we'll be better or worse off. I suppose we'll just have to wait and see.

I'm worrying about budgeting today.

Reports on radio today suggesting that petrol prices could go up by another 10p per litre due to rise in duty and situation in Libya. I'm really watching my mileage now.

Increase in petrol prices, grocery prices and reduced tax credits - lots will be feeling the pinch I would think.

thank you for starting this thread. I have just had a look into this as I had assumed dh and I wouldn't be affected but it looks like we'll be ok for 2011/12 but could lose it for 2012/13 we only get the basic £545 so it's not much but it certainly does help more adjustments to be made in my spreadsheets

www.hmrc.gov.uk/taxcreditsbudget2010/index.htmchanges

Some more info and examples here

www.hmrc.gov.uk/taxcreditsbudget2010/index.htm

This bit is confusing

The amount of help you can get with your childcare costs drops from 80 per cent to 70 per cent from 6 April 2011. The most you can claim for each week is £175 for one child and £300 for two or more children.

This means that the maximum help you can get through tax credits for your childcare will be:

£122.50 a week for one child
£210 a week for two or more children

Is it just me or does a drop from a potential £300 per week to £210 per week seem more than a drop from 80 tp 70%?

The maximum you can claim hasn't changed, just the percentage you'll get back. So previously if your childcare costs were $300 you'd get $240 (ie 80% of $300), now you'll only get $210 (ie 70% of $300). Does that make sense?

Oh I see yes. So if my childcare costs were £350 does that mean I could technically get £210 (which is the maximum amount you can claim) or £245 (which is 70%)?

I wouldnt get this much due to income - just wondering.

$210 as you can only claim the first $300, they won't even look at the extra $50 iyswim.

Ok great, thank you

Does anyone know how child maintenance payments will affect the new universal credit payments? I won't be able to afford my house anymore if they deduct them from the total amount....