Tax Credits

If you are looking at Tax Credits and reviewing or planning your finances, please feel free to contact us.  We can discuss your specific circumstances to help you plan tax efficiently.

Working Tax Credit

Rates 2016/17 2017/18 2018/19
Basic element £1,960 £1,960 £1,960
Couple and lone parent
element
£2,010 £2,010 £2,010
30 hour element £810 £810 £810
Disabled worker element £2,970 £3,000 £3,090
Severe disability element £1,275 £1,290 £1,330

Childcare Element of Tax Credit

Rates 2016/17 2017/18 2018/19
Maximum eligible cost for one child £175 per week £175 per week £175 per week
Maximum eligible cost for two or more children £300 per week £300 per week  £300 per week 
Percentage of eligible costs covered 70% 70%  70%

Child Tax Credit Rates

Rates 2016/17 2017/18 2018/19
Child Tax Credit Family £545 £545 £545
Child element £2,780 £2,780 £2,780
Disabled child element £3,140 £3,175 £3,275
Severely disabled child element £1,275 £1,290 £4,600

Tax Credits Income Thresholds

Rates and thresholds 2016/17 2017/18 2018/19
First income threshold £6,420 £6,420 £6,420
First withdrawal rate (per cent) 41% 41% 41%
First threshold for those entitled to Child Tax Credit only £16,105 £16,105 £16,105
Income rise disregard £2,500 £2,500 £2,500
Income fall disregard £2,500  £2,500 £2,500

Child Benefit Rates

Rates 2016/17 2017/18 2018/19
Eldest/Only Child £20.70 £20.70 £20.70
Other Children £13.70 £13.70  £13.70 

Guardian's Allowance Rates

Rates 2016/17 2017/18 2018/19
Guardian’s Allowance £16.55 £16.70 £17.20

Please contact us for further information.

Disclaimer

This App and its contents have been produced as a helpful reference point.  The information should be used as a guide only and your specific circumstances are best discussed directly with us.

No reliance should be placed on this material and no action should be taken without seeking the appropriate professional or legal advice. Although the authors make reasonable efforts to ensure the content of this App is accurate and up-to-date, the authors make no representations, warranties or guarantees that the content is accurate, complete or up-to-date and accept no responsibility whatsoever for any loss occasioned by anyone acting on information within this App.