Tax Credits

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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

Rates2018/192019/202020/212021/222022/23
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

Rates2019/202020/212021/222022/23
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 covered70%70%70%70%

Child Tax Credits Rates

Rates2018/192019/202020/212021/222022/23
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

Rates2018/192019/202020/212021/222022/23
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)

Rates2018/192019/202020/212021/222022/23
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)

Rates2018/192019/202020/212021/222022/23
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.

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Universal Credits

Income Tax Rates

Income Tax Allowances

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