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How much tax credit for on income of £15k?

16 replies

MyLilRooster · 18/01/2010 10:03

I am curious/concerned i guess. I have recieved my new tx amount after informing them of a new baby. It seems quite high. Not that I am complaining, but would not like to get used to it if it is wrong.

What would you anticipate WTC/ together to be, 2 children, one under one. One person working, one person not, total income £15k?

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MyLilRooster · 18/01/2010 10:04

Name-change regular BTW, just don't want my finances known on here!

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humptynumpty · 18/01/2010 10:10

Hi
here is a link to tax office website where you can fill in the form and it will tell you your entitlement

humptynumpty · 18/01/2010 10:12

You do get extra for having a child under one, it will probably drop a bit when your baby is one.
Know what you mean about wanting to check it... would be a nightmare if they mess it up then you have to give it back.
If i was you, i would go over all the paperwork they sent you with a fine tooth comb and check every detail is right. Then enjoy!!

MyLilRooster · 18/01/2010 10:18

It means, if it is right, that I would be financially better off to cut my hours down when i return to work at the end of maternity leave, and for DH to retrain at college, rather than for us both to work and lose this benefit. Is that right? Does that make sense? is that normal? (by the time i have paid tax, NI, pension on the extra salary, and DH not being able to get a well paid job, and childcare costs, take us over the threshold for anything but £40 per month plus child benefit).

Not complaining, but don't want to cut my hours then find it was all a mistake!

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MyLilRooster · 18/01/2010 10:20

Yes, all the information is correct. I have checked, and double checked.

Apart from one. My income is £15k, that is not included SMP as I was told on the phone that is not included? (They have my provisional salary for this year and are basing it on that rather than the year before, and have kept some money back in case of overpayment).

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humptynumpty · 18/01/2010 10:23

Am not an authority on tax credits, but I do know that there are lots of people who find that they are as well off with a lower income and topping it up with tax credits. I also know that there are a lot of families for who tax credits are an absolute godsend when they don't have a choice and are on a low income.
Just to check, did you tell them you are on maternity leave? Was investigating this earlier and statutory maternity pay will count as income whereas maternity allowance doesn't.
I have no idea how they calculate this money, I just work by the principle that if the details they have are all 100% right, then the payments must be right!!

purpleturtle · 18/01/2010 10:26

Don't forget to account for the fact that when baby turns 1 your payment is reduced.

humptynumpty · 18/01/2010 10:29

the smp thing seems to be a bit of a headache... if i was you, i would tell them your income for the year is expected to be £15K then, then when you get your p60 after april, you can phone them with the correct total including the smp, just to be on the safe side, then you know that you won't have claimed to much...
Will find the link about smp

humptynumpty · 18/01/2010 10:34

Can't find what i was looking for but ime tax credits are quick to pay you money if they have underpaid you, but they are equally fast to claim it back if you have been overpaid. So if I was you, I would err on the side of caution and give them the full 15k and then get it corrected once the tax year is over.

MyLilRooster · 18/01/2010 10:38

Yes i did tell them I was on SMP, i called to tell them this specifically, as my wages were going to reduce to pretty much nothing, i wanted to know if i could get any more than the £40 per month (in July), and the woman advised that she would take my income for this year as provisional income, otherwise they would go on last years wages when DH and I were both working pretty much full time. They then gave me in increase in payments, and when I told them baby was born, they increased it again by more than I was expecting. Luckily, they have withheld 2 months of payments due as 'provisional payments' so it means if I am being overpaid, this will not be paid first, before taking any overpayments from my benefit entitlements, so I should not be landed with a hefty bill (i hope!)

It seems that we were earning, just too much to be entitled to anything much, and through no fault of our own we have ended up here. Problem is, DH is struggling to find work over x amount, which would take us to the point where we would break even/earn more than how we are now.

But if this means that DH can retrain and stand a chance of getting a better job and jumping that barrier we find ourselves in front of, and in the mean time i can ensure our children are not in childcare for too long each week, I am happy with that.

I do want us to get out of the situation where we depend on this money though, as we will never get ourselves back into full time work else.

DH said he wants to work, he has no problem working full time to break even/make more money, but not to be worse off when he can use his time more wisely for the good of the family.

Do you know how much the reduction is when a child is over one purple? Is it significant?

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humptynumpty · 18/01/2010 10:39

why not do the calculation thingy i linked to again but change the dates to make your baby older than 1 and change dh's income to what it would be if he went back to college etc.

MyLilRooster · 18/01/2010 10:41

I told them my income was £15k But it is in fact more than that if i include the SMP. That is what worries me, that they mistook the SMP for maternity allowance.

So my total income, including SMP is £19k.

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asuwere · 18/01/2010 10:46

the extra payment for a baby under 1 is approx £550 for the year - so about an extra £40/month (ish) It might show on your award notice what the expected payments will be next year and should show the reduction from your baby's birthday.

Also the SMP is correct to be removed. You can reduce your income by £100 for each week you are in receipt of SMP/SPP.

From what you've said, it sounds like you are getting the right payments. Just make sure you do a calculation either over the phone or on the net before you change your hours at work just to double check at the time

humptynumpty · 18/01/2010 10:47

ring them back then andsay you madea mistake to beon safe side

MyLilRooster · 18/01/2010 10:50

OK, so i did the check, and did it for both £15k and £19k. If they take the SMP as income, they will be overpaying me by £300 in total, and they 'owe' me more than that so they will be able to deduct from that. If they base it on £15k, it is correct (or a bit more than I am getting, probably where the withheld payment is from) according to their site.

Well, that is something isn't it? I shall put that extra £100 away each month i think, just in case they decide I am not owed the withheld payment, and ask for it back, i can just pay it then, seeing as I was not expecting it.

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MyLilRooster · 18/01/2010 10:59

asuwere yes, it does show me it is, as you say, pretty much £40 per 4 wks less!

Well, this means we can now do more than just survive. I was always upset that I would have to work 32 hours a week with both the children to make ends meet, and even then with childcare when DH was working we would struggle to manage everything.

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