About child tax credits

Question

my partner workign 40 hrs a week and i gt a part time job 20 hrs a week tonight. but atm were getting 40 for wrking tax and 60 for child tax because i now have a job will it go down?

Answer 1

yes

Answer 2

No, not this year

Your Tax Credits are based on the previous years earnings (as long as the change is below 25,000), so your job will not affect your tax credit award until next year when it will go down.  

Answer 3

yes. soon as you call them (assuming you get your wtc weekly) then it will happen immediatly.

because your/ or will be doing 20hrs as well (and depending on your hourly rate), you might only geta little tax credits, or none at all.

PLUS you get to lose things like dental checks, free prescriptions etc.

BE WARNED THO............... if you fail to tell them you are working, they will know within a few weeks anyway but they wont approach you till your renewal and by then you will owe them money. how will they know (your probably thinking??) well thats simple, child and tax credits are part of the hm revenue and customs (tax).

good luck!

Answer 4

Now that your household income has increased it means the taxpayer will pay less for your children and you will pay more.

Seems about right to me.