Tax Credit Calculation sheet
Tax Credit Calculation sheet
|STEP 1 – MAX WTC | |
|Basic £1525 |£ |
|Couple/Lone Parent £1500 |£ |
|Disability £2040 |£ |
|Severe Disability £865 |£ |
|30 Hours £620 |£ |
|50 Plus – less than 30 hours/more than 30 hours £1045/£1565 |£ |
|Childcare (70% of max amount) |£ |
|TOTAL |£ |
|STEP 2 MAX CTC |£ |
|Family – normal or “baby” £545/£1090 |£ |
|Child £1445 per child |£ |
|Disabled Child £2155 |£ |
|Severely Disabled Child £863 |£ |
|TOTAL |£ |
|TOTAL WTC & CTC £ |
|STEP 3 INCOME | |
|Relevant Income |£ |
| | |
|STEP 4 – COMPARE INCOME TO THRESHOLD | |
|Income Minus £5060 - WTC |£ |
|Income Minus £13,230 - CTC |£ |
|STEP 5 – APPLY THE TAPER (37%) | |
|“Excess Income” X 37% |£ |
|STEP 6 – AMOUNT DUE | |
|Total tax credit (steps 1 & 2) |£ |
|Minus 37% excess income |£ |
|TAX CREDIT AWARD PAYABLE |£ |
PAYMENT ORDER
| |MAXIMUM AMOUNTS FROM STEPS 2 & 1 |TOTAL AWARD/PAYMENT = |
|PAYMENT – IN ORDER | | |
|1. CTC FAMILY |£ |£ |
| | | |
| | | |
|2. CTC – CHILDREN |£ |£ |
| | | |
| | | |
|3. WTC CHILDCARE |£ |£ |
| | | |
| | | |
|4. WTC REMAINDER |£ |£ |
| | | |
DEDUCT EACH “ELEMENT” FROM THE TOTAL UNTIL THE AWARD IS “USED UP”
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