Does this sound right? Tax credits

[lisa9999]

I work part time, about 20 hours self employed, net profit est at £8600. Hubby is also self employed and his net profit is est at £20k.
Just rang tax credits cos rather than relying on my mum 3 days a week, and i thought it would be nice for her to go to a childminder for 2 of the days, to be around other kids, going to the groups with them etc.
And I get the grand total of f** all back. Not even 1p a week. On an outlay of £160 per month. Our earnings are too high apparently.

Does that sound right???

 

[MaybeMomSarah]

I think there is a minimum amount of hours a child needs to go to a childminder in order to get tax credits. 2 days a week might not be enough.

 

[lisa9999]

Oh thanks, didnt realise that tbh. Stroppy cow on the phone just kept saying 'you only get the basic award and you dont get any other help because you earn too much'
Didnt think I earned that much really, but there you go.

 

[kalou1972]

Its not based on net profit chic...its total annual earnings. I think teh qualifying amount is 44k and under ??? I think it used to be 66k xx

 

[lisa9999]

Its not based on net profit chic...its total annual earnings. I think teh qualifying amount is 44k and under ??? I think it used to be 66k xx

If you are self employed they ask for net profit, I dont mean after tax,its still gross of tax, I mean after any expenses like phone costs, elec, office costs etc

 

[anna matronic]

They base your award on your TAXABLE earning from last year hun, is that more than £28k?

If you earnt £28k in taxable income you would get some help towards childcare xx

 

[mummy1985]

Sounds about right, me and hubby earnt £24k between us last year and when I phoned up I was told we "might" be entitled to £10 a week! Don't know how some people manage

 

[lisa9999]

They base your award on your TAXABLE earning from last year hun, is that more than £28k?

If you earnt £28k in taxable income you would get some help towards childcare xx

It is more yeah, its prob about £30k x

 

[lisa9999]

Sounds about right, me and hubby earnt £24k between us last year and when I phoned up I was told we "might" be entitled to £10 a week! Don't know how some people manage

Piss take isnt it. I can see why ppl who earn minimum wage dont think its worth their while working!!

 

[anna matronic]

They base your award on your TAXABLE earning from last year hun, is that more than £28k?

If you earnt £28k in taxable income you would get some help towards childcare xx

It is more yeah, its prob about £30k x

Oh it is so confusing!!! Do you get any TC's at the moment? £30k you should get £10 a week, and you should get some help towards your childcare x

 

[Lellow]

Im afraid hun that that is correct....£10 p/w is all your entitled as your over the threshhold Crap isnt it.

We dont even get the bare minimum anymore as we collectively earn to much.....CCV's has been a god send for covering alot of our childcare bill each month.

 

[anna matronic]

Dont forget if you have been on mat leave you can deduct £100 a week. That took off £2300 off of my taxable income last year dropping it right down x

 

[Kimmy25]

So if you earn over 28k you get 10 a week and no help towards childcare?

 

[BubbaG]

Gives you no insentive to go back to work does it! I was told that I was better off going to uni and re-training & I make over £25k per yr.

 

[anna matronic]

So if you earn over 28k you get 10 a week and no help towards childcare?

You will get £10 week tax credits and some help towards childcare still.

 

[Lellow]

So if you earn over 28k you get 10 a week and no help towards childcare?

You will get £10 week tax credits and some help towards childcare still.

No hun, you dont get any help towards childcare at all if your over that threshhold....Not one single pound!

 

[Kimmy25]

So if you earn over 28k you get 10 a week and no help towards childcare?

You will get £10 week tax credits and some help towards childcare still.

No hun, you dont get any help towards childcare at all if your over that threshhold....Not one single pound!

omg lol doesnt effect this year due to lasy tears earnings being lower but will net year..feel like 'working the system' and going part time to be under threshold!

 

[Mum2b_Claire]

So if you earn over 28k you get 10 a week and no help towards childcare?

You will get £10 week tax credits and some help towards childcare still.

No hun, you dont get any help towards childcare at all if your over that threshhold....Not one single pound!

Confused.com - last year we earnt a combined 32k and we get £158 a month in TCs.

 

[anna matronic]

So if you earn over 28k you get 10 a week and no help towards childcare?

You will get £10 week tax credits and some help towards childcare still.

No hun, you dont get any help towards childcare at all if your over that threshhold....Not one single pound!

£28k isn't the threshold though!

As far as I am aware, even if you are not entitled to CTC you MAY still be entitled to childcare help x

 

[Kimmy25]

Just used their calculator online and put details in what we are gonna earn this year it comes to 31500 and it states we will get 690 a year eek