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| Child Tax Credit | |
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| Tweet Topic Started: May 8 2006, 09:15 PM (224 Views) | |
| :Testarossa | May 8 2006, 09:15 PM Post #1 |
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Testarossa
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Well, it's that time of year again. An endless round of Tax Returns and Child Tax Credit Applications! The Tax Office get the Tax Credits wrong so often that I asked an accountant today how the heck we are supposed to know whether our awards look correct or not, and he gave me a web site to look at. Link is The Law Centre NI Let's see if I can put it into basic terms, assuming you are claiming a full year. 1. Calulate the maximum tax credit, eg, if you have 2 kids, one of whom is disabled, you add child element for each child, disability element for disabled child, If on high rate, then add severe disablement element. 2. Calculate your income. 3. Compare income to threshold figure (2005-6 was £13,910.) 4. If the same as or less, add family element. If more, go to step 5. 5. If income exceeds the maximum amount, calculate 37% of the difference and round down to the nearest penny. This is the reduction amount. 6. Take the reduction amount away from the maximum CTC. The amount payable will be the difference plus the family element. That is it in simplified terms as I understand it. Have a look at the link for proper calculations. It gives you working calculations so you can see exactly how it all works. At least if you calculate it for yourself, you will get a good idea whether you are being paid correctly. As many people are underpaid as overpaid. Some people are told they have been overpaid when they haven't (i.e. ME) This is really important when you think that the payments can be almost £5000 for 1 disabled child, then you add on the other children!!!!!!! |
| If you stay ready, you won't need to get ready! | |
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| :Testarossa | May 8 2006, 09:22 PM Post #2 |
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Testarossa
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There is also this site if you don't have time to work it out. It is not as accurate, but will give you a rough idea from the tables. Child Tax Credit |
| If you stay ready, you won't need to get ready! | |
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| Lisablue | May 9 2006, 08:49 AM Post #3 |
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A special friend
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Sam, So when you claim for tax credit do you tell them you have a child on disability? Does this make a difference? I think we get to much and they are going to hit us with repayment...I'm crap with money matters and dont understand the simplest of forms. Lisa x x |
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| caldcot01 | May 9 2006, 10:12 AM Post #4 |
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Next door neighbour
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yes you do tell them you have a child with a disability if you get dla for the child and you let them know what rate of dla you get you then get a premuim on your tax credits also if you get dla claim careres allowance if you dont earn more than 80 pound a week (working that is) and that doesnt include your partners income if you have a partner, if you are the carer of the child for 35 hours a week or more you also have to tell tax credits if you get carers allowance hope that makes sense rambled abit there take care sarah
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| :Testarossa | May 9 2006, 03:56 PM Post #5 |
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Testarossa
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Lisa, you get an allowance for each child, then if you have a child receiving DLA, you get a wacking great increase. If they are on high care, you can add even more. It makes a huge difference, so get claiming. |
| If you stay ready, you won't need to get ready! | |
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| hev | Aug 7 2006, 10:23 PM Post #6 |
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Confidante
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my tax credit changes,i dont understand it,i dont think the inland revenue do either!! |
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mum to steven AS aged 12 / daughter aged 2 i have trouble coping so ignore me while i have a moan!! | |
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| jules | Aug 16 2006, 08:21 AM Post #7 |
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A special friend
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I put my tax credit in ,july having cancelled in june my joint credit.Now I find they have no record.Im surviving on fresh air at the moment and feeling angry.either its lost in the post or its laying somewhere in their office,gathering dust whilst Im forced to use my credit card and dip into moneyIm supposed to use for home improvements. Now they tell me to send another has once its reached child tax they mark this fact on there system even if its not dealt with yet,why couldnt they have told me in the numerous phone calls I have made to them.However we already know they told me one set of fairytales. one mad jules CZY |
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| :Testarossa | Aug 16 2006, 10:09 AM Post #8 |
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Testarossa
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Jules, the Inland Revenue are grossly incompetent. Nothing surprises me any more.
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| If you stay ready, you won't need to get ready! | |
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7:21 PM Jul 11