Tax Credits
Like this page? Share it with your friends
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 | 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 | £3,090 | £3,165 | £3,220 | £3,240 | £3,345 |
| Severe disability element | £1,330 | £1,365 | £1,390 | £1,400 | £1,445 |
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 Credits 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 Benefits Rates (Weekly)
| 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 (Weekly)
| Rates | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 |
|---|---|---|---|---|---|
| Guardian's Allowance | £17.20 | £17.60 | £17.90 | £18.00 | £18.55 |
Disclaimer : This website 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 website 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 without this website.
Our service to you
If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.
Related pages:
Get further information from the following pages;
Related Blogs:
Get further information from the following blogs;
Subscribe to our newsletter
Install Naail & Co app
Install Naail & Co App on your Smartphone or Tablet. Tax calculators, business mileage tracker, deadlines & thresholds, business & tax news and much more!
