help me work out my tax credits!!!

[Bexiloumoon]

Hello ive had my tax credits award through this weekend but i have no clue what it says!I don't know if I'm being stupid or what but I honestly can't work out how much I'll be getting every four weeks...Can someone help?The amounts shown are backdated I think till the 1st of January...it looks like I'm only going to get £79 quid from my working tax credits which can't be right can it??

Can you post a copy of your letter?(identifying stuff covered obvs.)

another image

I can't work it out from those images. Can you log into the online system? It's generally clearer than the paperwork.

I think I've attached some.images to my first post?

No there is nothing on the system unfortunatly

It doesn't seem to make sense on the paperwork. The one off payments and 4 weekly payments until April do not amount to the overall sum owed to you. Best bet would be yo wait until Monday and give them a ring.

OP I've reported your post as your address is partly visible

that's not my address that's the tax office

Apologies OP

You're going to get the two large payments on the 13th march and 2nd April then £78 every four weeks. This is based on them estimating your income as over £13000 April 2018-2019. If that isn't going to be right I'd give them a call. If it is then yes that's what they are saying you qualify for.

well it can't be right surely?£78 aorking tax credit a month on a £13,331 a year income? Which is to drop down to £10,000 a year this year?

I agree that isn’t right at all like previous poster said I would call them on Monday.
I get paid more than that and get that amount weekly ...that’s single parent with 2 kids no child care. Not sure if that makes much difference tho?
Hope you get it sorted.

If your income is going to drop then you would need to give them an estimated lower income for 2018-19.

You get £1960 for the Basic element and £2010 for the lone parent element of Working Tax Credits, which totals £3970.

You are allowed a £6420 income disregard, so £6991×0.41(41%)= £2866.31 would be taken off of £13331 or £6080×0.41(41%)= £2492.80 would be taken off of £10,000 (because you would be treated as having £12500 income, not £10000, because of the £2500 disregard for a drop in earnings).

They always start the deductions in the following order:

WTC work elements entitlement at the taper rate of 41%
WTC child care element at the taper rate of 41%
CTC individual elements at the taper rate of 41%
CTC family element at the taper rate of 41%.

So your WTC elements total £3970 and this year, if they aren't using in-year calculations for you (which they won't be, unless you've asked for them), they will be using last year's income to calculate this year's TC. So £2866.31 is deducted from £3970, leaving £1103.69, or £84 every 4 weeks. I think they are probably giving the £78 and holding back a few £ to allow for changes, which they often do.

So is the £13k your only income or have you got a partner. It doesn't seem like enough to live on to me. Have you got rent to pay out of that.

Yes the 13k is my online income which will drop down to 10k this year as I have moved to part time since September last year at work. I don't have a partner and my rent is 600 a month.

@lougle that doesn't seem right at all. how can I get so little on such a small income?Others have said they get that a week with more income than me?I have no savings and no partner?

What's preventing you from getting a different job or second job so you'd be back to working full time and wouldn't have to claim Working Tax Credits?

erm, the fact that I am lone parent and couldn't afford the full time childcare plus I want to actually you know.. raise my son after spending four days trying to birth him?? Would be much easier for me sit on my arse and not work at all believe me

Well, there are two issues. The first is that your thread title is "Help me work out my tax credits" but you only make reference to your Working Tax Credits, and only give details of your Working Tax Credits elements of your award. I've done that. The things to bear in mind with the Working Tax Credits is:

1. Everyone who works gets the basic element of £1960 per year. Everyone.

2.You don't get any extra elements for being a lone parent vs. in a couple - the rate is the same. If you're a parent, you get £2010 WTC per year.

1. The income allowance is £6420 for everyone, regardless of circumstances.
2. Savings are disregarded for Tax Credits purposes.
3. There is a £2500 disregard on drops of earnings each year. This means that although in real terms your income is falling from £13331 to £10000, HMRC will view it as a fall from £13331 to £12500.
4. Any excess income is deducted from your Tax Credits at a taper of 41% of the excess.
5. Working Tax Credits are the first thing that any tapered excess income is deducted from.

Therefore, people who earn much more than you will not be getting more Working Tax Credit than you. I can assure you. However, you haven't given enough income for us to help you look at your other elements of the award: Childcare element of Working Tax Credits, and Child Tax Credits. For that we'd need to know how many hours you work, how many children you have and how much your childcare costs. If you don't want to say it on here you could PM.

a lady above said what I get in a month she gets every week with a higher income but with two children to my one?I don't know...I'll PM you now because even when I use the official GOV calculator is says i should be get much much more than is on my letter?

I've sent you a detailed breakdown, so I hope that helps. Working Tax Credits is always paid as a separate payment to Child Tax Credits.

Is there not another line somewhere telling you how much child tax credit you are due? (As opposed to working tax credit)
The letters do my head in too, you are not alone.

That’s just Working Tax Credit. You should have another page with Child Tax Credit, surely?