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tax credits when leaving work

kurjam
kurjam Posts: 1,342 Forumite
in Benefits & tax credits
I am currently working and paying an extortinate amount of childcare each week, and i only work part time, so i am looking into packing up work and staying at home with my 2 little ones (as they not at school for 2 more years).
i realize i will lose working tax credit and childcare element. so do i just presume i will receive the same amount of child tax credit as my award states £++++ a year (i have 5 children)

i will not be claiming any benefits etc, as my partner works

have looked and i might be better off staying at home. . .
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Comments

  • alwaysonthego_2
    alwaysonthego_2 Posts: 8,471 Forumite
    1,000 Posts Combo Breaker
    You should not lose your WTC if your partner works more than 16 hours though you won't get the childcare.

    Your CTC should be the same, if not more as your income will be less (but depends on which year TCO is using)
  • kurjam
    kurjam Posts: 1,342 Forumite
    alwaysonthego wrote: »
    You should not lose your WTC if your partner works more than 16 hours though you won't get the childcare.

    Your CTC should be the same, if not more as your income will be less (but depends on which year TCO is using)

    do we both not have to work to get wtc, yes partner works 38 hours a week...
  • alwaysonthego_2
    alwaysonthego_2 Posts: 8,471 Forumite
    1,000 Posts Combo Breaker
    kurjam wrote: »
    do we both not have to work to get wtc, yes partner works 38 hours a week...
    If you are a couple with dependents only one of you have to work.

    Check www.entitledto.co.uk for figures.
  • kurjam
    kurjam Posts: 1,342 Forumite
    i asked tax credit today when i rang they say i will get £177 a week ctc and no wtc based on me leaving at the end of may... would that be correct.. my eldest son is in ft education and is nearly 17.

    i dont understand last year we earnt less than i estimated, but have been told i will lose wtc yet we get wtc now....

    will it be because this years income would be higher than last years? or because my childcare costs have dropped by £55 a week ?
    thanks in advance for any help..
  • bunny999
    bunny999 Posts: 970 Forumite
    kurjam wrote: »
    I am currently working and paying an extortinate amount of childcare each week, and i only work part time, so i am looking into packing up work and staying at home with my 2 little ones (as they not at school for 2 more years).
    i realize i will lose working tax credit and childcare element. so do i just presume i will receive the same amount of child tax credit as my award states £++++ a year (i have 5 children)

    i will not be claiming any benefits etc, as my partner works

    have looked and i might be better off staying at home. . .

    You have a funny idea of not claiming benefits ! When with 5 kids you're raking in fortune in CHILD BENEFIT and child tax credits.
  • kurjam
    kurjam Posts: 1,342 Forumite
    bunny999 wrote: »
    You have a funny idea of not claiming benefits ! When with 5 kids you're raking in fortune in CHILD BENEFIT and child tax credits.

    most of my child tax goes on childcare and so does my wages.
    it costs £60 a week for petrol for my partner to get to work.

    i was just stating i would not claim any benefits from the jobcentre as i dont want to....
  • KeaneFan10
    KeaneFan10 Posts: 203 Forumite
    bunny999 wrote: »
    You have a funny idea of not claiming benefits ! When with 5 kids you're raking in fortune in CHILD BENEFIT and child tax credits.


    Wow everyone is entitled to Child Benefit how rude ...
    :AAutism isn't the end of the world just a journey to another one:A
  • bunny999
    bunny999 Posts: 970 Forumite
    KeaneFan10 wrote: »
    Wow everyone is entitled to Child Benefit how rude ...

    No they aren't, only those with dependent children. I am sick of people who are raking in a fortune in BENEFITS saying that they aren't claiming benefits. The original poster edited her post stating that she is getting £400 a week in BENEFITS and doesn't think its very much. In fact this is £20k a year tax free.
  • KeaneFan10
    KeaneFan10 Posts: 203 Forumite
    bunny999 wrote: »
    You have a funny idea of not claiming benefits ! When with 5 kids you're raking in fortune in CHILD BENEFIT and child tax credits.
    bunny999 wrote: »
    No they aren't, only those with dependent children. I am sick of people who are raking in a fortune in BENEFITS saying that they aren't claiming benefits. The original poster edited her post stating that she is getting £400 a week in BENEFITS and doesn't think its very much. In fact this is £20k a year tax free.
    Blimey £400 a week .. my poor hubby doesn't earn that a week working full time !
    :AAutism isn't the end of the world just a journey to another one:A
  • kurjam
    kurjam Posts: 1,342 Forumite
    yer £400 a week but £320 of it goes to childcare, as it is ctc and childcare tax credit.....so i get £80 a week of it, £92 wages and my hubbys wages (he works full time)
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