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Original poster

Child Tax Credit Calculator April 2011 onwards

54 replies

CarGirl · 23/02/2011 20:13

Has anyone managed to work out a spreadsheet to give an idea if they will get anything from April?????

I keep reading the thresholds but can't work out how they work?

OP posts:
happygolucky0 · 24/02/2011 18:58

What do you mean by a spread sheet hun. There are online websites that work stuff out about tax credits ect.

Original poster
CarGirl · 24/02/2011 20:08

But only for the current year.....I want to work out what I will get next year as it's all changing....

OP posts:
gillybean2 · 27/02/2011 11:20

They're probably keeping it close to their chest for now. Else there'd be riots a huge meltdown!

LoisSanger · 27/02/2011 11:22

I am a trained accountant and cannot for the life of me understand the information there is. I would love a spreadsheet or some form of calculator that explains rather than just spits out a figure.

Am assuming our £545 a year will go but is impossible to find out.

jellybeans · 27/02/2011 11:26

I think I read that if you are just getting the basic £545 it will go. If you get any other elements you will keep it until the new bands are phased in. I think it was over £25K for 1 child. It was a while since I read it so not 100%.

LoisSanger · 27/02/2011 11:43

I know the taper started at £50k (with £58k being the limit unless you had lots of children or other reasons for having more) but don't actually understand how the taper rate works. Taper is going to start at 40k and I think be at a higher rate (so cut off for nothing at a lower amount).

I know also that the amount of change in income you can disregard is going down from £25k to £10k

LoisSanger · 27/02/2011 11:44

I don't see why there isn't a calculator avaialblr for April yet - someone must know the details.

ChasingSquirrels · 27/02/2011 11:55

all April 11 rates are here and you can work it out yourself (ha ha ha ha - CS dies laughing at that) but it is such a stupidly complicated formula that it took me years to actually bother finding all the information I needed to work out what mine should be and whether they are correct, and I have a 1st class maths degree and a chartered accountancy qualification - so am not exactly financially/mathematically challenged.

Actually, doing the calculation wasn't that complicated, it was finding all the information that caused me the problems.

I am considering upping my hours and need to calculate what my position will be - and have been putting that off for ages. Might have a look now.

MollysChambers · 27/02/2011 11:58

I think it's shocking that they aren't being more forthcoming with info. How the hell are people supposed to budget???

ChasingSquirrels · 27/02/2011 12:26

Not that complicated after all once I got into it. Happy to have a look at your figures for you if you want CarGirl (won't offer to e-mail my spreadsheet as it doesn't have everything in it, only what I need for my circumstances) if you PM me.

ThatisNotMyName · 27/02/2011 12:46

WTF??? I just cannot understand any of it and that's made it no clearer!

I work ft and earn £25k. DP works ft and earns £21k we have one two year old but don't get any wtc or FTC and never have done. Yet people I know who earn more than us do Confused I will never understand it as long as it exists and I'm quite bright

LoisSanger · 27/02/2011 12:52

Not sure if having one child makes any difference. Our joint income is slightly higher than yours and we get £545 a year but we do have two children.

compo · 27/02/2011 12:58

Doesn't it depend if you pay for childcare too?

ChasingSquirrels · 27/02/2011 12:58

On £21k and £25k and no other income you should get the £545 a year as the 2010/11, threshold for withdrawal of this is £50,000.
For 2011/12 you wouldn't get it as it tapers out at £41,330.
The rest will depend on number of children, childcare arrangements, pension contributions etc.

ijudge · 27/02/2011 12:58

I think in 2013 everyone earning over £15,000 will lose tax credits - is that true?

We earn over £25k and have 2 children, would appreciate anyone that could tell me what, if anything we will recieve

ijudge · 27/02/2011 13:00

ChasingSquirrels, we earn £34,000 after pension, tax, NI.

We have 2 children and pay for no childcare.

From that can you work out what we will get?

gillybean2 · 27/02/2011 13:05

They calculate it out from your gross income, so you need to give the gross figures. Though apparently pension payments can be deducted from the calculation.

ChasingSquirrels · 27/02/2011 13:06

ihudge - you should just be getting the basic £545 on that? You should continue to get that in 2010/11.
(If you get more than that, then my spreadsheet is wrong!).

You should also be slightly better off due to the additional personal allowance and change in NI rates - but how much depends on how the £34k is split between you.

ChasingSquirrels · 27/02/2011 13:07

sorry - misread that as £34k gross - so ignore my last post.

ChasingSquirrels · 27/02/2011 13:16

there is a table in the back of the budget which refers to 2012 onwards rates, but I'm not sure how complete it is. I can't easily find the info elsewhere so am just downloading the budget report.

ChasingSquirrels · 27/02/2011 13:40

From my reading of it - from April 12 the way the withdrawal is apply is changing, so that there isn't a set rate above which you will lose it - it will depend on the number of children etc.

For one child, on my calculations it will be £23,421 - i.e. if you have one child, no childcare and earn above that amount you won't get any tax credits.

BUT the table at the back of the budget says that this will happen between £25k-£30k, and I can't work that out.

It is impossible to give a table of figures that apply to everyone because of the childcare element.

ijudge · 27/02/2011 14:25

Thanks Chasingsquirrels, I do not know what withdrawal means. I tried to work it out sing the link above but couldn't. Its far too confusing for me.

DH earns about £25k, I earn £11,500 and we pay about £1,500 in pension each year. So £34,000 was a rough guess at our net income.

ScramVonChubby · 27/02/2011 14:31

From 2013 it goes gradually voer to Universal Credit so will be vastly different; the aim is nobody will get a drop at that point but it wills top rising with inflation.

DaisySteiner · 27/02/2011 14:36

This leaflet explains exactly how tax credits are worked out and has some examples to help you work out your own entitlement.

ijudge · 27/02/2011 14:37

I thought tax credits weren't moving over - It was just JSA, ESA and housing benefi

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