Staying under £100K to keep 15/30 hours free childcare
Comments
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Tabbytabitha wrote: »What have tax credits got to do with it - they're not affected by capital, apart from interest on it..
By making sizeable pension contributions from gross salary It's possible to increase WTC payments.
See this post as an example: http://forums.moneysavingexpert.com/showthread.php?p=72599360
As darksparkle notes, this tactic is very similar to the OP's scheme of reducing his taxable income by making additional sizeable pension contributions.
Have a read of this:
https://revenuebenefits.org.uk/tax-credits/guidance/how-do-tax-credits-work/what-is-income/calculating-tax-credits-income/
"The gross amount of pension contributions to an approved pension scheme and of authorised Gift Aid payments should be deducted from the gross income figure."
- and you hopefully might be able to understand the point made.Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.0 -
I think I may have ruffled a few feathers here. Everyone is entitled to their opinion and those that have a negative view often don't realise the tax burden and the personal sacrifice choices one has to make for some of these decisions or how the tax structure works such that you can get squeezed out of benefits whilst being taxed to the hilt whilst sacrificing personal time and money on transport to earn that little bit extra.
Essentially, I have a family member in a care home costing £1000 / week and don't get government help due to owning their own house. To help out (and a lot of that burden falls on me) I need a better paid job whilst supporting my own family and mortgage and daughter at nursery.
To do so, London-based jobs paid an extra £25K or so more. However, travel costs would easily take the top £15K gross. If I lost 30 hours free childcare (£800 net per month), there would be little point going for the job - I'd be better off staying with my existing job which is 30 minutes away instead of one 2.5 hrs away.1 -
Unimaginativeusername wrote: »What an absolute cheek! You earn £100k a year, why should I pay for your childcare?
You probably don't. :rotfl:
Those earning less than £27K are takers in society. That value increases, the more kids you have. I imagine you fall under this category.0 -
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That’s a bit like someone on the dole saying that they can’t take a job because they’ll be worse off. See what reaction that sort of post gets here.To do so, London-based jobs paid an extra £25K or so more. However, travel costs would easily take the top £15K gross. If I lost 30 hours free childcare (£800 net per month), there would be little point going for the job - I'd be better off staying with my existing job which is 30 minutes away instead of one 2.5 hrs away.
My argument is not really with you it’s with the posters here who have blatant double standards.0 -
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In that case, the council will arrange a deferred payment scheme - the debt is paid back when the house is sold.
These things take time and my mum still lives in the property. People get ill first and paperwork and assessment takes time to go through the process.
It doesn't change the fact that money is required to pay care bills.
It also doesn't change the fact that if you can foresee a possible financial problem situation in the future, it can be beneficial to take the opportunity to take on a better paid job now when the opportunity is there then get stressed later and do it on a knee jerk reaction.
Nevertheless, what I pay for to assist my family doesn't change the fact that tax and benefits can start to be detrimental as you reach certain bands where you enter a new tax bracket and lose benefit at the same time. This, coupled with middle-class professionals usually having to travel further afield to the larger cities to get work incurring higher costs. The squeezed middle concept does not occur to those receiving many benefits whilst their job is down the road. They have no idea and make no effort to calculate how much harder it is to earn that extra pound.
Anyway, thanks for all that have replied.0 -
I don't wish to appear to be too heavy handed as a board guide, however in a nice way may I remind everyone that the benefits forum is here to help people through the maze that is the benefits jungle and not to pass judgement or debate the rights and wrongs of the system.
I hope you are all having a very nice new year so far despite the weather x
http://forums.moneysavingexpert.com/showthread.php?t=3659350 -
I don't wish to appear to be too heavy handed as a board guide, however in a nice way may I remind everyone that the benefits forum is here to help people through the maze that is the benefits jungle and not to pass judgement or debate the rights and wrongs of the system.
I hope you are all having a very nice new year so far despite the weather x
http://forums.moneysavingexpert.com/showthread.php?t=365935
Quite right, the site is for moneysaving and getting best value, whether you earn £10k or £100k. So what if the OP earns £100k, should they not legally maximise their earning potential?Don't trust a forum for advice. Get proper paid advice. Any advice given should always be checked1
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