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Meeting the Minister on Tax Credits & Childcare Vouchers black hole blog dicusssion
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...I was told I couldn't claim both tax credit (childcare element) and use salary sacrifice scheme. My situation was complicated by my separation and of course my mind was all over the place. I've gone back to check sums and it looks like I should have (could have) claimed £2500 in credits compared to 'saving' £900 thru the vouchers. Argh! Now both my kids are at school.0
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I have just used their calculator and we would be better off using the voucher scheme if we got one voucher for £50 per week but it would take my husbands pay under the minimum wage it said. Does anyone know if this would be a problem for his company as they won't be able to give him a payrise.0
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I have just used their calculator and we would be better off using the voucher scheme if we got one voucher for £50 per week but it would take my husbands pay under the minimum wage it said. Does anyone know if this would be a problem for his company as they won't be able to give him a payrise.
Your husband's pay cannot go below the minimum wage. It would be illegal should that happen. If his pay is that low, then you should really be claiming tax credits as higher rate tax payers are amongst the groups who benefit the most from salary sacrifice.Debts at :idea: moment £31,500
[STRIKE]Debts as @ 28 June 2009 £15,654[/STRIKE] [STRIKE]Debts as @ 25 July 09 £7,264 [/STRIKE]:j[STRIKE]Debts as at 8 Sept 09 £6,590 [/STRIKE]:T Debts as @ 10 October 09 £5,976:j:j
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According to their calculator I would get more tax credits with the pay drop so to speak, but it would take him under the minimum wage threshold. I find it highly stupid they have a system in place that those on the lowest wages can not take advantage of.
Fingers crossed the company will get the go ahead to promote him next week any way so his new rate of pay will allow us to claim the vouchers and have the same income as we are on now if it works out beneficial to us. I think it would help us because our childcare costs are over the £300 a week limit they take into account. Might be worth some other low earners in this situation double checking the figures if they are in the same situation
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