20hr wk single parent how much savings can i have before my tax credit payments are affected?
Answer:
Last time I checked there was no upper savings limit for Tax Credits - but then I don't think my £20 in a building society is going to trouble them!!
As a previous answerer said the upper limit for income support is £3000 per person, and as he astutely said your children can also have 'savings' up to £3k.
Try http://www.taxcredits.inlandrevenue.gov..
for more info, they also have an online help facility which may be more anonymous than calling up, giving them your national insurance number, and saying 'hypothetically if I had £10k savings would my tax credits stop!!'
Good luck x
if you work 15 hours your tax credit is not affected can you cut your hours?
dont they still have the free tax credit phone line.......and remember your child / children can ALSO have savings of their own so you might want to look into this, ie open bank accounts in their name.under the age of 11 they can not touch them anyways and its a good place to put spare money for your own savings.
Good luck, hun been there done that and its hard hard work, nice to see you are actually working
I know it is £3000 for Income support, but don't know if it is the same for Tax credits.
Working Tax Credit (and, I think, Child Tax Credit) use your income to calculate the amount you can receive.
The first £300 of investment income is ignored. If you have more investment income then this is added on to your earnings to get your total income. Then this figure determines your benefit.
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