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
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
| Basic element | £1,995 | £2,005 | |||
| Couple and lone parent element | £2,045 | £2,060 | £2,045 | £2,060 | |
| 30 hour element | £825 | £830 | £825 | £830 | |
| Disabled worker element | £3,220 | £3,240 | £3,220 | £3,240 | |
| Severe disability element | £1,390 | £1,400 | £1,390 | £1,400 |
Childcare Element of Tax Credit
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
| 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
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
| Child Tax Credit Family | £545 | £545 | £545 | ||
| Child element | £2,830 | £2,845 | £3,455 | ||
| Disabled child element | £3,415 | £3,435 | £4,170 | ||
| Severely disabled child element | £4,800 | £4,825 | £1,680 |
Tax Credits Income Thresholds
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
| First income threshold | £6,530 | £6,565 | £7,955 | ||
| First withdrawal rate (per cent) | 41% | 41% | 41% | ||
| First threshold for those entitled to Child Tax Credit only | £16,385 | £16,480 | £2,500 | ||
| Income rise disregard | £2,500 | £2,500 | £2,500 | ||
| Income fall disregard | £2,500 | £2,500 |
Child Benefit Rates
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
| Eldest/Only Child | £21.05 | £21.05 | £25.60 | ||
| Other Children | £13.95 | £14.00 | £16.95 |
Guardian’s Allowance Rates
| 2020/21 | 2021/22 | 2022/23 | 2024/25 | |
| Guardian’s Allowance | 17.90 | 17.90 | £21.75 |
Please contact us for further information.
