Our attempt at being MF!!

CathT

Am getting myself quite confused this morning, I have an A in GCSE Maths but am no accountant (help from LP needed perhaps!)

What I am trying to work out is our projected income for 2011-12 due to me taking maternity pay and if this willimpact on entitlement for WTC help towards nursery fees (currently don't qualify for help and spend around £330 a month). I think income for 2010/11 was ony about 2k above the threshold :mad:. I am just wondering if our income will fall 2011-12 we could get the help now?

I have done some figures and it may be in my interests to take 12 months off work (3 months unpaid) but I can request to be paid in equal amounts over the full length of my maternity leave. I just don't want to do myself down and end up worse off. However, if a small drop in income qualified us for extra tax credits and i get more time at home with DD and the baby it's got to be worth it???

Any advice/tips/magic solutions from anyone????

sarahevie

We were in a similar position with my OH. We qualify for WTC, but he was going to get an annual payrise of £240 and it took us over the threshold and would have been £117 a month worse off, losing our WTC entitlement so we asked not to have the payrise.

I have friends who work 16 hours specifically for entitlement as they would be loads worse off working full time due to losing entitlement, child care etc.

I don't really understand the tax credit thing because of the way they work it based on last years income. There's no wonder there's so much overpayment goes on.

CathT

I think what i might do is finalise the figures after deciding how much maternity leave to take. i.e. if i take 9 months and return in May I will have 3 months of 2 children in nursery costing a small fortune whereas if i take 12 and return in August, DD turns 4 in September so will start school nursery (i think). It's odd to think that if she had been born 3 weeks earlier she would be starting school! scary thought. Also i would have accrued more hoidays while being off so could perhaps return in September. My decision is swayed by us getting assistance with nursery costs or not but need to wait till start of new tax year so i can experiment with the calculators. I suppose i could ring tax credits and explain our income will be less this year and see if they will amend our payments We are dropping £80 a month due to my income going up since qualifying which is understandable but still a lot of money to miss.

Feel a bit disappointed that I can only afford to OP by £70 this month which is our standard without topping up. However, have requested £40 onepoll, have £10 in paypal from mysurvey and having just checked Quidco (the site seems to have changed slightly) they are sending me £54 on the next payment date which i assume is 1st April? :jso in theory i could OP by another £100 when that clears - but we still have no savings! :mad: The £70 OP does take us under £115k which is a big milestone for us, might have a play with the calculators to see what we have actually achieved to cheer me up!!

Am hoping next month is a better month!

gratefulforhelp_2

You did so much better with me, I didn't manage to hold on until 1st sept with DD2!!

God Bless and keep your little baby. x

CathT

Thanks grateful, am 13 weeks tomoro. Had scan last week and baby was beautiful and perfect.

How are you? Any signs? <off to check your diary again>

CathT

Thanks grateful, am 13 weeks tomoro. Had scan last week and baby was beautiful and perfect.

How are you? Any signs? <off to check your diary again>

CathT

Thanks grateful, am 13 weeks tomoro. Had scan last week and baby was beautiful and perfect.

How are you? Any signs? <off to check your diary again>

CathT

Thanks grateful, am 13 weeks tomoro. Had scan last week and baby was beautiful and perfect.

How are you? Any signs? <off to check your diary again>

CathT

Apologies for all those posts, i was having connection problems!!

gratefulforhelp_2

CathT wrote: »

Thanks grateful, am 13 weeks tomoro. Had scan last week and baby was beautiful and perfect.

How are you? Any signs? <off to check your diary again>

forum was playing up. no action yet!!