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
| 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | |
| Basic element | £1,960 | £1,960 | £1,995 plus £1,000 COVID element | £2,005 plus £500 COVID element | £2,070 |
| Couple and lone parent element | £2,010 | £2,010 | £2,045 | £2,060 | £2,125 |
| 30 hour element | £810 | £810 | £825 | £830 | £860 |
| Disabled worker element | £3090 | £3165 | £3220 | £3240 | £3345 |
| Severe disability element | £1330 | £1365 | £1390 | £1400 | £1445 |
Childcare Element of Tax Credit
| Rates | 2019/20 | 2020/21 | 2021/22 | 2022/23 |
| Maximum eligible cost for one child | £175 per week | £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 | £300 per week |
| Percentage of eligible costs covered | 70% | 70% | 70% | 70% |
Child Tax Credit Rates
| Rates | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 |
| Child Tax Credit Family | £545 | £545 | £545 | £545 | £545 |
| Child element | £2,780 | £2,780 | £2,830 | £2,845 | £2,935 |
| Disabled child element | £3,275 | £3,355 | £3,415 | £3,435 | £3,545 |
| Severely disabled child element | £4,600 | £4,715 | £4,800 | £4,825 | £1,430 |
Tax Credits Income Thresholds
| Rates | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 |
| First income threshold | £6,420 | £6,420 | £6,530 | £6,565 | £6,770 |
| First withdrawal rate (per cent) | 41% | 41% | 41% | 41% | 41% |
| First threshold for those entitled to Child Tax Credit only | £16,105 | £16,105 | £16,385 | £16,385 | £17,005 |
| Income rise disregard | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 |
| Income fall disregard | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 |
Child Benefit Rates
| Rates | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 |
| Eldest/Only Child | £20.70 | £20.70 | £21.05 | £21.15 | £21.80 |
| Other Children | £13.70 | £13.70 | £13.95 | £14.00 | £14.45 |
Guardian's Allowance Rates
| Rates | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 |
| Guardian’s Allowance | £17.20 | £17.60 | £17.90 | £18.00 | £18.55 |
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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.