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As above,have had cut in income, wondering if worth applying
£50k gross after pension contributions and childcare vouchers - tapered reduction until £60 when you lose the lot. You can continue to claim if you like but you lose it in tax and have to self assess.
Which is bullcrap.
Much lower than that for family credit / WTC. I think that £50k-£60k refers to child benefit which used to not be means tested.
It's a pretty complicated system with several variables, income, hours worked, age, partner, no. and ages of children.
Probably worth going to HMRC calculator here;
http://www.hmrc.gov.uk/taxcredits/payments-entitlement/entitlement/question-how-much.htm
and checking on your particular situation.
Not sure of the thresholds now (separate ones for WTC and family tax credit) but it used to be roughly above £25k and you get nowt and below that you might be able to get something with max amounts being paid out at around £7k. Between the 2 you'd lose something like 41p in the £1 which added to income tax and NI gives an effective tax rate of about 74p in the £1 which doesn't give a lot of incentive for folk to improve their position unless they can jump up to above around £25k.
Don't know why they couldn't just increase personal allowances and let people decide for themselves how much to work and how many kids to have etc, but that's a whole other discusion.
As above, it depends how many kids you have. IIRC, for 1 child it's about 27k for ctc, probably much less for wtc.