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tax credits/part time work/irregular income
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Sarahsaver
Posts: 8,390 Forumite
I have found something I may be able to do working from home, so i can fit in work around the kids' needs. However i doubt i would have a regular income. Any advice, do i steer well clear or just go for it? I just imagine it being a nightmare for calculating tax credits.
Member no.1 of the 'I'm not in a clique' group :rotfl:
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.
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Comments
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Tax credits aren't so bad for irregular income - your award is firstly based on an estimate of your total income for that year, and you receive payments on account. After the year has ended, you have a few more months in which to report your final income for that year, so that your tax credit award can be adjusted. So it really doesn't matter if your income changes.
If you've received too little tax credit during the year, you'll get a lump sum - and if you've received too much, it will either be deducted from your following year's tax credit award, or your tax code will be adjusted so that the overpayment can be collected back through the PAYE system. Tax credit awards are based on your annual income - so if you're already familiar with self assessment, or using P60's to claim tax rebates, then you'll find that tax credits are just as simple. You only need to deal with it once a year, no matter how much your income changes during the year.
However, housing benefit, council tax benefit and pension credit are an absolute nightmare for people with irregular incomes. If you rely on any of these benefits, you will need to be scrupulously organised, and be prepared to do a lot of paper chasing. The reason for this is because they are all based on your weekly income, and your benefit is calculated separately each week- but your benefit for any given week probably won't be finalised until several weeks later.
Steep taper rates for HB CTB and pension credit mean you probably won't be that much better off anyway. I'd advise against taking on work with an irregular income, unless your regular income is already high enough to disqualify you from HB CTB or Pension Credit.
But if you only rely on tax credits, then go for it.
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As Dag says, irregular income is no problem. It is irregular hours that can be a pain.
If you are within the 16-30 hour or 30+ hour brackets all the time, then it's no problem. If you switch between the brackets (or go under 16 hours) you're going to have to tell them each time.
irs0 -
Here is my problem. My boyfriend works for a construction firm his weekly wages fluctuate due to weather, where they are working, traveling time, subsistance etc. Trying to guess for tax credits is a nightmare esspecially as they don't know where they are working from one month to the next.
My other problem is I started a new job in sept and have been working 28 hours a week (4 full days) now my boss wants to up that to 30 which is over 5 days. I don't think its going to be woth the extra cost of childcare - which is already £140 a week-for extra 2 hours.
I'm already paying back an overpayment at £10 per month which is going to take till my sons 18 to pay back- he's only 3!!! I don't want to land back in this situation again.
Any advice gratefully recieved :hello:
p.s don't even know if this is in the right bit sorry if it's not0 -
applied for a job within school to get hols
its only 15 hrs a week
will i need to take another job to make up the hour to get working tax credits
can you help
thanks0 -
I work in a school, yes you will need the extra hour to get WFTC. HAve you asked the school if they can provide it? Maybe an hour a week helping in a class, cleaning, helping at lunchtime etc?0
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I work in a school, yes you will need the extra hour to get WFTC. HAve you asked the school if they can provide it? Maybe an hour a week helping in a class, cleaning, helping at lunchtime etc?
I'm not questioning what your saying but, isn't travelling time included in working hours?
I think somewhere (if memory serves me correctly) that total working hours should have travelling time taken into account.
May be worth looking up. :rolleyes:0 -
Trespasser wrote: »I'm not questioning what your saying but, isn't travelling time included in working hours?
I think somewhere (if memory serves me correctly) that total working hours should have travelling time taken into account.
May be worth looking up. :rolleyes:
that sounds interesting how can we find out?0 -
Trespasser wrote: »I'm not questioning what your saying but, isn't travelling time included in working hours?
I think somewhere (if memory serves me correctly) that total working hours should have travelling time taken into account.
May be worth looking up. :rolleyes:
oh wow never thought of that
thanks will findout0 -
I'm sorry ........ I have had a look and it seems I was a little misguided. The british worker on the whole is stuffed when it comes to including travel time in working hours.
What I remembered reading was something produced by 'Unison' and refered to NHS workers including travel time in their hours under certain conditions.
Sorry guys ...........0
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