This is the old site. Please use the new site.

  Welcome, Guest. Please Login
Omega Owners Forum
 
  Home Shop Help Search Members Login  
 

This is the old site. Please use the new site.

www.omegaowners.com/forum/index.php.

 
Pages: 1 2 
Send Topic Print
working tax credit? (Read 1406 times)
cam2502
Senior Member
****
Offline



Posts: 880
dumfries,scotland
Gender: male

Drives: silver 2001 BMW 318i se
working tax credit?
05. Dec 2009 at 14:40
 
Does anyone know much about this?

Does it just last a year or is it ongoing?
I know the amount you can claim differs on how much you earn, but how much of a difference is there?
Is there a table/ scale to measure?
What about if you work inconsistent hours,say 30 one week and 43 the next?
Back to top
 
 
IP Logged
 
RobG
Omega Lord
*******
Offline


I might have a link, pic
or part number for that

Posts: 7968
Bristol
Gender: male

Drives: 53 plate 2.2 CD auto
Re: working tax credit?
Reply #1 - 05. Dec 2009 at 14:50
 
cam2502 wrote on 05. Dec 2009 at 14:40:
Does anyone know much about this?

Does it just last a year or is it ongoing?
I know the amount you can claim differs on how much you earn, but how much of a difference is there?
Is there a table/ scale to measure?
What about if you work inconsistent hours,say 30 one week and 43 the next?

Claims are renewable annually.
Amounts are based on previous years gross earnigs irrespective of hours worked.
http://taxcredits.hmrc.gov.uk/HomeNew.aspx
Back to top
 

TC Holder Maxscan GS500 OBDII code reader/EML resetter available..
 
IP Logged
 
Holy Count
Ex Member


Re: working tax credit?
Reply #2 - 05. Dec 2009 at 14:50
 
Each claim lasts a year -- towards the end they send a renewal form so that you can start a claim for the next year.

AFAIK if your earnings differ week to week you need to average out what you expect to earn. The whole totals will be checked towards the end of the financial year to make sure they haven't over or under paid you.

Best bet is go to the HMRC website where they have all the gen.  The various online calculators all give different answers (and all say more than HMRC actually give you !! ).
Back to top
 
 
IP Logged
 
RobG
Omega Lord
*******
Offline


I might have a link, pic
or part number for that

Posts: 7968
Bristol
Gender: male

Drives: 53 plate 2.2 CD auto
Re: working tax credit?
Reply #3 - 05. Dec 2009 at 14:59
 
Quote:
Each claim lasts a year -- towards the end they send a renewal form so that you can start a claim for the next year.

AFAIK if your earnings differ week to week you need to average out what you expect to earn. The whole totals will be checked towards the end of the financial year to make sure they haven't over or under paid you.

Best bet is go to the HMRC website where they have all the gen.  The various online calculators all give different answers (and all say more than HMRC actually give you !! ).

And if they have they WILL demand it back
Back to top
 

TC Holder Maxscan GS500 OBDII code reader/EML resetter available..
 
IP Logged
 
hercules
Ex Member


Re: working tax credit?
Reply #4 - 05. Dec 2009 at 15:54
 
if i remember rightly they ask if you work 30 hours or more and your last years figure earned also if you think you will earn more the next year or less,if you think your gonna earn more they give you less so that they dont overpay you plus if your married or live with someone you have to claim as a joint income.could be wrong but i think thats how it goes
Back to top
 
 
IP Logged
 
Holy Count
Ex Member


Re: working tax credit?
Reply #5 - 05. Dec 2009 at 16:24
 
Quote:
if i remember rightly they ask if you work 30 hours or more and your last years figure earned also if you think you will earn more the next year or less,if you think your gonna earn more they give you less so that they dont overpay you plus if your married or live with someone you have to claim as a joint income.could be wrong but i think thats how it goes


Basically, yes -- as far as I can make out they base what they pay on the last years earnings. But when the end of the claim year arrives they check your earnings to make sure they are close to those they used ( last years).  If you have earnt less they will top up the final payment -- it you have earnt more they will ask for some back!
Back to top
 
 
IP Logged
 
KillerWatt
Ex Member


Re: working tax credit?
Reply #6 - 06. Dec 2009 at 03:31
 
Just like any government benefit/relief, unless your income (that includes combined income if your old lady has to work) amounts to f**k all (or just over) then you qualify for nowt at all (nothing surprising there really).
Back to top
« Last Edit: 06. Dec 2009 at 03:32 by N/A »  
 
IP Logged
 
Martin Imber
Over Active Poster
*********
Offline


LPG Omega V6 - Keyfobs
Rebuilt

Posts: 20110
Worcester
Gender: male

Drives: 2001 Omega 2.6CD LPG & 3.0 cams
Re: working tax credit?
Reply #7 - 06. Dec 2009 at 10:44
 
TBH the main reason people need these tax credits is because we are all taxed too much anyway
Back to top
 

The other tuned 2.6. DIY LPG, towbar, upgrade ICE & Wing Spoiler, Air shocks, Eibach Pro Springs, Poly WB bushes, WIM setup, HID conversion, 3.0 cams, ported ect.
WWW  
IP Logged
 
Holy Count
Ex Member


Re: working tax credit?
Reply #8 - 06. Dec 2009 at 10:49
 
Martin Imber wrote on 06. Dec 2009 at 10:44:
TBH the main reason people need these tax credits is because we are all taxed too much anyway


This is one basic premis that really confuses me ( easy I know) -- but ... why the hell do the benefits people say you need, say, £200 per week to live on, yet they tax you at £150 --- then pay another department to pay some back in benefits because you actually needed that amount in the first place!!!

Wouldn't it be far better ( and cheaper) to decide an across the board amount (obviously adjustable for individual circs) required as a minimum and not tax you below that figure, just to have to give it back !!!???

Does that lot make sense, or am I just jabbering again ??
Back to top
« Last Edit: 06. Dec 2009 at 10:49 by N/A »  
 
IP Logged
 
Martin Imber
Over Active Poster
*********
Offline


LPG Omega V6 - Keyfobs
Rebuilt

Posts: 20110
Worcester
Gender: male

Drives: 2001 Omega 2.6CD LPG & 3.0 cams
Re: working tax credit?
Reply #9 - 06. Dec 2009 at 10:50
 
Child tax credits are another messy one, but they can get rather large values.
Back to top
 

The other tuned 2.6. DIY LPG, towbar, upgrade ICE & Wing Spoiler, Air shocks, Eibach Pro Springs, Poly WB bushes, WIM setup, HID conversion, 3.0 cams, ported ect.
WWW  
IP Logged
 
Holy Count
Ex Member


Re: working tax credit?
Reply #10 - 06. Dec 2009 at 11:17
 
Martin Imber wrote on 06. Dec 2009 at 10:50:
Child tax credits are another messy one, but they can get rather large values.


We get some credits towards child care only (apparently we earn too much for any others -- though I disagree!). Up to now they have been relatively straightforward. But next year Little Count gets some free care paid by the LA.

Works out as 15 hours per week --- but .... paid in three "terms"; two of 11 weeks and one of 15 weeks. In reality we get the 15 hours over only 37 weeks. So really around 10.6 hours per week over the whole year.

Fortunately HMRC have agreed to use the average figures, rather than keep changing the amounts payable as the monthly invoice from nursery will change!!

Have to wait and see whhat the figures turn out to be, but my guess is that the "free" hours will come out of the tax credits and I will still be stumping up the same as I ever was from my pocket!
Back to top
 
 
IP Logged
 
al brown
Intermediate Member
***
Offline



Posts: 348
alton, hants

Drives: 3.0 elite estate 1997,      MKII escort
Re: working tax credit?
Reply #11 - 06. Dec 2009 at 14:35
 
It is also worth checking to see if your company is part of a childcare voucher scheme. I know HM forces do them as do a few other companys. Basically you can claim part of your wage as vouchers for registered childcare and you get them BEFORE tax an NI is taken off your wage, so saves you about 30% for basic rate. You can claim upto about £45 p/w IIRC, ask your HR or payroll clerk.
Al
Back to top
 

If it aint broken, you aint trying hard enough
 
IP Logged
 
Taxi Driver
Omega Lord
*******
Offline


OOF Holly Dog

Posts: 8413
Swindon
Gender: male

Drives: Fiat Scudo 90 Multijet (whatever that means!)
Re: working tax credit?
Reply #12 - 06. Dec 2009 at 17:49
 
Martin Imber wrote on 06. Dec 2009 at 10:50:
Child tax credits are another messy one, but they can get rather large values.


There is a big advantage if you can claim both working tax credit and child tax credit....you get free nhs prescriptions. Just working tax credit doesnt get it.
Useful if your on permanent medication.
Back to top
 

Want 250mins talk/unlimited text/unlimited data?...for £10/month no contract?...then order a free sim and get £5 credit free...clicky on following link... http://giffgaff.com/orders/affiliate/taxi_driver
 
IP Logged
 
Holy Count
Ex Member


Re: working tax credit?
Reply #13 - 06. Dec 2009 at 17:55
 
Taxi Driver wrote on 06. Dec 2009 at 17:49:
Martin Imber wrote on 06. Dec 2009 at 10:50:
Child tax credits are another messy one, but they can get rather large values.


There is a big advantage if you can claim both working tax credit and child tax credit....you get free nhs prescriptions. Just working tax credit doesnt get it.
Useful if your on permanent medication.


Wish I could have swung that -- but I am too rich ( so they say!).  That's ANOTHER thing I don't understand .... why do some permanent medication requiring illness's (diabetics, epileptics, and a few others ) get them free whilst others who need regular drugs for the rest of their lives ( cardio vascular disorders, chronic pain, etc) don't. ???
Back to top
 
 
IP Logged
 
Welung666
Omega Lord
*******
Offline



Posts: 9768
West Midlands
Gender: male

Drives: 99 2.5 saloon Tractor
Re: working tax credit?
Reply #14 - 06. Dec 2009 at 17:55
 
Taxi Driver wrote on 06. Dec 2009 at 17:49:
Martin Imber wrote on 06. Dec 2009 at 10:50:
Child tax credits are another messy one, but they can get rather large values.


There is a big advantage if you can claim both working tax credit and child tax credit....you get free nhs prescriptions. Just working tax credit doesnt get it.
Useful if your on permanent medication.


Certain medical conditions automatically get you free prescriptions anyway. SWMBO has a thyroid disorder and has been told she'll be exempt from prescription charges for life!
Back to top
 

Vehicle Movements, MOT's, tints and Repairs - PM for details.

CLICK HERE for instructions - how to Paperclip/Pedal test your car
 
IP Logged
 
Pages: 1 2 
Send Topic Print

This is the old site. Please use the new site.