Anyone know how TAX CREDITS is actually worked out? - HotUKDeals
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Anyone know how TAX CREDITS is actually worked out?

DudeyGeeza Avatar
5y, 7m agoPosted 5 years, 7 months ago
Just recieved the new "revised" payment for our TAX CREDITS,

which has been lowered by £100 per week, when we phone the helpline all they keep repeating is that is all we are entitled to now the new ACT has come into force.

They wont explain why, or how its actually worked out, our income hasnt changed since our last award, yet the new government scheme takes £100 a week from a family with 5 kids and two adults??


Any help or pointers would be gratefully appreciated.
DudeyGeeza Avatar
5y, 7m agoPosted 5 years, 7 months ago
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Comments/page:
#1
just lost mine as well i believe they altered the threshold to 40k a year or below
#2
Another thread that won't end well
#3
and its going to be even lower next year isnt it? i havent had my letter yet.
some people will be better off signing on i guess.
3 Likes #4
Hubby and I have 2 kids and are well under the threshold for earnings but only get a small amount which keeps decreasing! However it's not my money, I haven't earnt it and it was my choice to have my children. With that in mind I think even a small amount is better than none - so I am fairly happy to recieve it. Don't get me wrong if they wanted to raise the money I would be absolutely thrilled!!
#5
Op, how much did you get per week if they have reduced it by £100??
#6
they have removed the baby element which equates to over £10 a week if you have under one year old baby.
#7
these are the new rates http://www.hmrc.gov.uk/rates/taxcredits.htm

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

Edited By: dontasciime on Apr 08, 2011 13:21
3 Likes #8
Exactly why I'm waiting to have children until I/we can afford to keep them without any help.
#9
people get off your high horses...the op may have children under one-plus childcare costs have been reduced to 70% from 80%

dont forget these credits were to get people back to work on low paid jobs..well it got them off..and now they pull the rug out.

BTW it wont affect me personally but i can see the ops and others points.

I will be interested to see what the 'universal' allowance will be in 2013

Edited By: plumberman01 on Apr 08, 2011 13:26
#10
what do you expect from the Tory's ;)
#11
Do both parents work?

If not it may be wise for the other person to get a part time job during weekends or whenever the other is not working. Might help recoup some of the £100 drop :)
#12
£400 a month difference is a vast amount, i find it astonishing that these amounts were given out in the first place, hence why i asked the op how much they got before the changes.

** unless valid reason obviously :)


Edited By: geegee-pinata on Apr 08, 2011 13:35
#13
Childcare can cost easy £800 per month for fulltime parents, yet its not worth reducing hours/days as you'll still be worse off.

Lose Lose situation

£100 a week is a lot though (just to get, nevermind lose !). I get something stupid like £20 a month.......
1 Like #14
thanks guys, i wont go into it too much but yes we basically no longer qualify for nearly all of it, again, not too much of an issue but to loose 5k a year almost is a bit more than a kick in the teeth...
banned#15
plumberman01
people get off your high horses...the op may have children under one-plus childcare costs have been reduced to 70% from 80%


from what I can see that doesn't come close to £100 a week
OP was there not an overpayment or something last year? £100 a week is massive, how much were you getting before?
banned#16
DudeyGeeza
thanks guys, i wont go into it too much but yes we basically no longer qualify for nearly all of it, again, not too much of an issue but to loose 5k a year almost is a bit more than a kick in the teeth...


Well your circumstances mut have changed then as the new rules wouldn't cause £100 a week in CTC

Family element, baby addition £545 a year has gone completely, and a 10% reduction in Child Care costs (which has a max of £300 a week anyway), but other rates have increased, so unless you got the baby addition for about 5 kids I can't see how you are £100 a week down unless your income has changed or you had an overpayment


Edited By: colinsunderland on Apr 08, 2011 13:41
2 Likes #17
This may sound a bit off but in reality the money was never ours to lose.

If we are given some money from the government then that is fantastic, everyone can use a bit more - but we should rely on ourselves to look after our own family and not expect someone else to. This money is a gift not a right.
banned 1 Like #18
Inb4 the JTT and F+F comedy double act.
banned 3 Likes #19
d-j mitch
This may sound a bit off but in reality the money was never ours to lose.

If we are given some money from the government then that is fantastic, everyone can use a bit more - but we should rely on ourselves to look after our own family and not expect someone else to. This money is a gift not a right.


Agreed, however WTC and CTC have always been touted as a way for people to afford to go back to work rather than sit on the dole. If the money is reduced some peoplewon't be able to afford to work, and can't just pack in either, so will be struggling. If they decide to change the rules they should either apply it to only new claims, or if someone can demonstrate they would be better off not working, allow them to quit and sign on immediately.
banned 1 Like #20
The 'government' is NOT actually taking the money from you!

the taxpayer is not giving it to you any more. its all about reducing the debt burden on future generations - your kids btw!

You chose to have 5 kids so why expect everyone else to subsidise you?

May sound harsh but a fact people need to get used to in an already overpopulated country with a grossly oversized public sector.
#21
colinsunderland
DudeyGeeza
thanks guys, i wont go into it too much but yes we basically no longer qualify for nearly all of it, again, not too much of an issue but to loose 5k a year almost is a bit more than a kick in the teeth...


Well your circumstances mut have changed then as the new rules wouldn't cause £100 a week in CTC

Family element, baby addition £545 a year has gone completely, and a 10% reduction in Child Care costs (which has a max of £300 a week anyway), but other rates have increased, so unless you got the baby addition for about 5 kids I can't see how you are £100 a week down unless your income has changed or you had an overpayment




yes, just found out that regardless of what we informed them that our earnings were "going to be" last year, (so for 2010/11) they based it upon how much we actually earned in 2009/10

meaning this years (2011/12) is now based on our earnings from last year (which is what we said it would be) but as thats their rules on how they do it, then they dont see it as an overpayment.
1 Like #22
csiman
The 'government' is NOT actually taking the money from you!

the taxpayer is not giving it to you any more. its all about reducing the debt burden on future generations - your kids btw!

You chose to have 5 kids so why expect everyone else to subsidise you?

May sound harsh but a fact people need to get used to in an already overpopulated country with a grossly oversized public sector.


DudeyGeeza
thanks guys, i wont go into it too much but yes we basically no longer qualify for nearly all of it, again, not too much of an issue but to loose 5k a year almost is a bit more than a kick in the teeth...


never said i expected anyone to subsidise me having 5 kids.

We have 5 kids, we see what we are entitled to, they choose to pay us X ammount.

that's nothing to do with us
#23
csiman
The 'government' is NOT actually taking the money from you!

the taxpayer is not giving it to you any more. its all about reducing the debt burden on future generations - your kids btw!

You chose to have 5 kids so why expect everyone else to subsidise you?

May sound harsh but a fact people need to get used to in an already overpopulated country with a grossly oversized public sector.


Aren't you the guy that lives exclusively off benefits at the expense of the taxpayer?
banned#24
DudeyGeeza
csiman
The 'government' is NOT actually taking the money from you!

the taxpayer is not giving it to you any more. its all about reducing the debt burden on future generations - your kids btw!

You chose to have 5 kids so why expect everyone else to subsidise you?

May sound harsh but a fact people need to get used to in an already overpopulated country with a grossly oversized public sector.


DudeyGeeza
thanks guys, i wont go into it too much but yes we basically no longer qualify for nearly all of it, again, not too much of an issue but to loose 5k a year almost is a bit more than a kick in the teeth...


never said i expected anyone to subsidise me having 5 kids.

We have 5 kids, we see what we are entitled to, they choose to pay us X ammount.

that's nothing to do with us

so you planned your huge family around tax credits expecting them to stay the same until they all reached 16?

if not, whats the problem? tax rates change every year.

Benefits are a perk, not an entitlement btw.
banned 1 Like #25
moob
csiman
The 'government' is NOT actually taking the money from you!

the taxpayer is not giving it to you any more. its all about reducing the debt burden on future generations - your kids btw!

You chose to have 5 kids so why expect everyone else to subsidise you?

May sound harsh but a fact people need to get used to in an already overpopulated country with a grossly oversized public sector.


Aren't you the guy that lives exclusively off benefits at the expense of the taxpayer?

I wish!

Just gave up work 4 years ago but live exclusively off savings (apart from 6 months JSA when I my last contract ended).

Oh, and the other half who works so I look after the house, pub afternoon etc etc

That reminds me..............off for a beer in the sun now ;)
#26
Think what he's trying to say is they claim for what they can just like anyone else? No?
2 Likes #27
geegee-pinata
Think what he's trying to say is they claim for what they can just like anyone else? No?



Bingo!

I have already stated that its not too much of a problem and now ive found out they used my previous years income rather than what we told them it would be, it makes sense.

I dont expect anything, but i'll happily claim what im entilted to.

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