Advice on tax credits etc - first baby due in August!

SomersetPrincess

I think we have to tick the "receiving childcare" box is that right? So if I didnt work at all and therefore didnt need childcare we would get practically nothing :-(

Penny-Pincher!!

Hi

Based on £340 (OH's income) and £180 (your income) it would be too high to receive WTC so would not qualify for help with your childcare costs but would qualify for £1023 child tax credits. Thats not good!! Doesnt make any sense Youd basically be better off not working.

These are not my personal figures and have just been copied from the entitledto website.

Sorry

PP
xx

Lillibet_2

SomersetPrincess wrote:

I think we have to tick the "receiving childcare" box is that right? So if I didnt work at all and therefore didnt need childcare we would get practically nothing :-(

Thank you, that would be my downfall then:rolleyes::wall:

In answer to your original question SP, it's damn hard to stretch the money. we are on very similar incomes & trying to make hubbys cover everything is just not possible in our case. I saved the difference between my post-birth salary & my actual salary whilst I was pregnant & am using that as a slush fund to make up the shortfall for now, hopefully it will last a couple of years but I am having my doubts. After that it's go back to work or go into debt in order to stay at home with Spud. And as much as I hate to admit it (especially here), I am seriously considering going into debt because I refuse to put a price on my childs upbringing.

SomersetPrincess

I am so sorry PP I am not having a go, it just doesnt make a whole lot of sense to my blonde and pregnant brain. I think DF and I need some advice from CAB or similar as I cant get ti to add up from here hehe!

SomersetPrincess

Thanks Lillibet hun. I really resally want to be able to stay home with Junior when they are born, but am really scared about how we will make the money stretch that far. The biggest bind is DF's travel to Bristol every day but that isnt something that will be changing any time soon. We are trying to save as much as possible 2as a slush fund too so hopefully that will help. Think we need to go into CAB or similar to get some advice sooner rather than later. Thanks again hun

CIS

The OP would get £547.50 + £547.50 (06/07rates) = £1095 per annum based on £23K.

If they paid childcare of £90 per week and the OP earned £9300p/a + husbands £23K per annum, then the tax credits should be no different from what they are if OP doesn't work, execept the OP will have around £55 per week better of assuming 20% deductions on her earnings for tax and NI and £90 per week childcare.

Penny-Pincher!!

Hi

I would go to the CAB office and ask. Ive just put figures in the website and I dont trust anything unless I know for sure..LOL.

Hope it all works out ok for you.

PP
xx

SomersetPrincess

Thanks ever so much for your help PP!

Bogof_Babe

Hi SP, I've missed your happy posts! I wondered what you were up to, and now I know .

Have you actually written out all your monthly or weekly unavoidable expenditure, like the rent, utilities, travel costs, food etc.? I'd start from that point and then see if your plans look feasible.

£23K sounds like a reasonable amount to live on for a few years, maybe until junior is at school. Of course it does depend on how much your rent etc. is.

Best of luck anyway - I'm chuffed for you

Karnam

by the way, CTC and WTC are based on the previous year's information and then is reviewed at the end of the tax year. if you dont plan on working or plan on going part time, it might be worth filling in the bit of the form that says you can estimate your income for the current tax year and then confirm it at the end of the tax year.

i dont trust CTC and rely on CB and money from partner. CTCs are a crazy system and loads of people including me, are overpaid. so its only really good for investing in a savings account and then waiting until april to find out if the money is yours or not.