Abit of help please.

trufflebuggy

Hi

I've been onto entitledto and benefits adviser websites as I'm hoping to return to work on reduced hours after my maternity leave, going from 37hours to around 23hours per week. My husband is a self employed farmer, (+40 hours per week), and I wanted to see what our tax credits would now be.

Previously because of my income we just received the basic amount, when we originally claimed (7yrs ago) DH was actually employed by his Dad, and we didn't have any assets.

What I'm not sure about is this, it asks about savings and assets. Our savings will definitely be low by the time I go back to work as this is funding my maternity leave for the year, it's the assets part that I need help on.... hubby has a herd of cattle (we do not own property or the farm land - Father in law's) obviously the herd has a value which does get included in the end of year tax returns etc. but is this an asset in the eyes of the system, can't find any info???

When I've put into the benefits adviser website that we have this asset and a value (quite large) it didn't make any difference to the amount we could claim without us declaring it, is this right!?!?!?

As you can tell I'm a bit clueless.

Cheers

mossy

It might be worthwhile actually phoning the HMRC tax credit peeps and see if anyone can answer that question!! Unfortunately, one person there may give you one answer and someone else another! I wish I could help but I have no idea.

You may have used this link already to get an idea of what your tax credits allowance would be, but I've included it just in case. http://www.hmrc.gov.uk/taxcredits/payments-entitlement/entitlement/question-how-much.htm

trufflebuggy

Thanks Mossy.

Hubby says he has to pop in to see the accountant sometime soon so we'll see if she has any idea, failing that I guess I'll have to make a few phone calls.

Steph