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Start-Ups

Tax Credits & Universal Credit

WORKING TAX CREDITS (WTC)

2020/21

2019/20

Notes

Basic element per year

£3,040

£1,960

This is the basic maximum payment per year if you qualify.

Couple and single parent element per year - up to

£2,045

£2,010

Paid on top of basic element if you make a joint claim or are a single parent bringing up children.

You work at least 30 hours per week - up to

£825

£810


You have a disability - up to

£3,220

£3,165


You have a severe disability - up to

£1,390

£1,365

Usually on top of disability payment

Childcare element - max eligible cost  - 1 child

£175 p.w.

£175 p.w.

This is an extra payment if you are paying for childcare - 70% of costs per week up to the maximum.

Childcare element - max eligible cost  - 2 children+

£300 p.w.

£300 p.w.

WTC threshold

£6,530

£6,420

If income above this, WTC is reduced

CHILD TAX CREDITS (CTC)

2020/21

2019/20

Notes

Family element per year - The basic payment if you are responsible for 1 or more children.

£545

£545

You only get this IF one of your children was born before 6.4.2017.

Child element per year

£2,830

£2,780

This is paid on top of the family element - but see notes below.

1. If all your children were born before 6.4.2017 and you are an existing claimant, you get the child element for each child.

2. If you have another child on or after 6.4.2017 you get the child element only if they are the second child - exceptions apply.

3. If your claim started on or after 6.4.2017 you get the child element for up to 2 children - exceptions apply.


Disabled child element per year - an extra payment for each disabled child you have.

£3,415

£3,355

Child element rules above apply

Severely disabled child element - an extra payment for each severely disabled child you have.

£1,385

£1,360

Child element rules above apply.


CTC threshold

£16,385

£16,105

CTC is reduced if income is above this

CHILD BENEFIT

2020/21

2019/20

Notes

Eldest or only child - per week

£21.05

£20.70

This is worth about £1,095 per year.

Other children - per week

£13.95

£13.70

This worth about £725 per year.

Child benefit will be withdrawn through an income tax charge in households where someone has an income of over £50,000 per year. The income tax charge will apply gradually if someone in the household has an income of between £50,000 to £60,000. A household where one person has an income of more than £60,000 will not gain from Child Benefit. Details


GUARDIANS ALLOWANCE

2020/21

2019/20

Notes

Guardians allowance - per week

£17.90

£17.20

Bringing up a child where at least one parent is dead. Other detailed rules apply.