Tax Credits - would like another child.

SAVINGMUM_2

Hi

Wonder if you can help? We are just trying to work out, how to afford to have six months off work before we try for another child.

I work 22.5 hrs a week (around school hours) and partner works 39hrs. We earn £37K a year between us.

I just assumed that i would get twice as much tax credits, but doing the online calculator it says i will get the same amount for 2 children as i do for one child £545 a year. Is this correct?

Also please can you also tell me if im correct that we will receive £18.80 a week for the oldest child and £12.55 for the new baby?

We really would like another child, but i cant see how im gonna be able to afford taking the time off and continue to pay all my bills - its all so depressing these days.

Thanks in advance.

[Deleted User]

SAVINGMUM wrote: »

Hi

Wonder if you can help? We are just trying to work out, how to afford to have six months off work before we try for another child.

I work 22.5 hrs a week (around school hours) and partner works 39hrs. We earn £37K a year between us.

I just assumed that i would get twice as much tax credits, but doing the online calculator it says i will get the same amount for 2 children as i do for one child £545 a year. Is this correct?

Also please can you also tell me if im correct that we will receive £18.80 a week for the oldest child and £12.55 for the new baby?

We really would like another child, but i cant see how im gonna be able to afford taking the time off and continue to pay all my bills - its all so depressing these days.

Thanks in advance.

The £18.80 and £12.55 is child benefit and is correct,the £545(for one year) i think you will find is the extra ctc pays for a new baby until its 12 months old

glitterkitty

on an income of £37k yeah you'll only be emntitled to the basic CTC and you get the baby element until your baby turns 1.
you are on a pretty high income for tax credts (sucks i know, me and my other half are on £31k jointly and we have no money!!)

[Deleted User]

glitterkitty wrote: »

on an income of £37k yeah you'll only be emntitled to the basic CTC and you get the baby element until your baby turns 1.
you are on a pretty high income for tax credts (sucks i know, me and my other half are on £31k jointly and we have no money!!)

ctc are payable on incomes of 66k if theres a child under 1,so an income of 37k is only just more than halfway there

tsstss7

surely you'll get smp for 9 mths? (approx 117 /wk)

glitterkitty

woodbine wrote: »

ctc are payable on incomes of 66k if theres a child under 1,so an income of 37k is only just more than halfway there

it would stay on the basic £545 right up to the £66k. thats about £10pw. Everyone who has income under £66k gets the £545, and then all the maximum elements are calculated, then reduced from total depending on income. it is worked out exactly the same for everyone.

[Deleted User]

When your income reaches a certain level you only qualify for the family element of CTC - £545 per year.

If you have another baby you will get the baby element for 12 months - this is an additional £545.

The amount is not reduced until the household income reaches £50,000.

Every £1 earned above the £50,000 threshold reduces your total award by 39p.

When you have reached £58,000 the award will be reduced to £0.

If you have a new baby it wont reduce to £0 until your income has reached the £66,000 threshold.

KimYeovil

This is a very dispiriting philosophy. If having money is more important to you than loving children then keep the money and forgo the child. Or adjust your budget and live within more realistic means. Who do you think should be taxed to pay for your desire to have more money? You clearly do not think couples earning £37K a year should be taxed.

There are more than enough announcements of more and more taxpayers' wages being given to people with children under the age of eighteen. You are going to get your broadband paid for you - will that not save you £28 per month? You are going to get school meals paid for. In Scotland, child credits and benefits were not reduced to reflect this so that's going to be paid for twice by those without recipients.

[Deleted User]

Did I miss something in regards to broadband & free school meals?

The OP lives in shropshire which is in England not Scotland...

alison999

KimYeovil wrote: »

This is a very dispiriting philosophy. If having money is more important to you than loving children then keep the money and forgo the child. Or adjust your budget and live within more realistic means. Who do you think should be taxed to pay for your desire to have more money? You clearly do not think couples earning £37K a year should be taxed.

There are more than enough announcements of more and more taxpayers' wages being given to people with children under the age of eighteen. You are going to get your broadband paid for you - will that not save you £28 per month? You are going to get school meals paid for. In Scotland, child credits and benefits were not reduced to reflect this so that's going to be paid for twice by those without recipients.

I actually think theyre being very responsible by doing their sums before they have another baby. money isnt everything but its not fair to bring a child into this world that you cant afford to feed. thats all i have to say in response to your post, anything else would be classed as rude :rolleyes: