CTC/DLA and savings help please!

[HellKitty]

I get CTC for the DCs, DLA for one child and WTC from DPs work. I am self employed (newly) so haven't claimed WTC for myself or have decided whether I should as my hours vary, a lot!

I have recently come into a lot of money, a total windfall, no bereavement thankfully. It is well over the £16k which effects IS (I think?) which I don't claim anyway. Do the CTC/DLA have to know about this? It doesn't bother me whether they would stop my payments as I'm a bit, 'if you can afford it you shouldn't claim'. I was just curious as to whether I inform them or not? As far as I'm aware my CTC is a rolling type which is automatic every year. Thanks

it wont effect Dla but im not sure about tax credit

congratulations

With tax credits you need to declare any interest you make on the savings but not the savings themselves

Dos is not means tested so won't affect that. I'm sure the CTC disability bit isnt either (but check on this).

I also think savings don't count but agree interest earnt is classed as income.

If you go on gov.uk CTC calculator and type in your details it should help you and you'll se if they ask about savings etc. Just remeber Itll give you what your entitled to until April so divide by number of people weekss left to get the correct figure. (And you don't panic yiuve had a massive OP!)

Thankyou so much!
As soon as its in my account I'll inform the tax office whether I need to or not. It's so weird that tonight I'll be able to sleep peacefully

Yes dla not means tested and tax credits only count the interest on your savings. This will change with UC though and will use the same rules as IS.

That makes sense. It sounds a bit fairer than the current way tax credits are handed out but to be honest, they've saved my life in the past.

You have to declare your SE as a change of circumstance. If you don't they will make you pay back the tax credits -you're assessed as a household, not individuals. Any income you have from SE will be counted, but the first few thousand pounds will be ignored in the first year.

I didn't know that Loug!!! I haven't actually made any money yet and was waiting until I was ready to go. I'm not on JSA and thought that would have been the clincher.

No, with Tax Credits although you see different payments for the child tax credit and working tax credit, the actual assessment is done as a household. Any change to the circumstances of your household can affect your tax credit claim.

You wouldn't actually get working tax credit for yourself - it would be a joint payment, and it actually wouldn't add anything to that if you already get the 30hrs plus element.

If you get Carer's Allowance for your child who has DLA, then if you earn more than £100 in any week (after tax, NI and child care) you will lose the Carer's Allowance for that week. You aren't allowed to average out the earnings, so £102 one week and £0 the next will lose you 1 week of CA, whereas £51 in both weeks would let you keep the CA.

No, no carer's allowance. I'm surprised about that claim. I had a p/t job a few years ago, some weeks were 7 hours and some weeks were 56, the WTC explained to me that as long as it averaged out at 16 hours a week then it was ok - which it did, the 56 hours was a one off

Hopefully UC will sort out the confusion that all these different elements can cause.

Yes, carer's allowance has separate rules.