Don't Know How I Will Cope....

gabby71

Hi All

I am so worried, I work full time, am a single mum to 1 child.
I currently get £130 per week tax credits as I only worked part of the tax year 2009/10.
However, I have calculated that this will be reduced in April to around £50 per week as by April I will have earned around £18000 in the tax year.
My basic take home pay is around £900 per month but because I work really hard, most months I earn an extra £400-£500 per month in bonuses.
My monthly direct debits come to just over £900 per month - this included rent, all utilities, car, insurance etc.
It costs me £25 per week just to send my daughter to school (meals and bus fare).
If I don't hit my targets on any of those months I will not be able to survive the month as my wage will go on direct debits and half my £50 tax credits will be used sending my daughter to school.
Can anyone help me and confirm if this really will be the case for me in April, and if there is any other help available?
I am so stressed and feel that I have nowhere to go...

thanks in advance

Gabby

Nicklt

As far as im aware it's correct.

I myself currently receive around £120 a week tax credit (working and child) but in april that will drop to just Child Tax (as i beleive) because of earning around £17000 in the tax year. My D/D's are around the same as yours plus £200 a month for food, and i have calculated that we will be able to manage just! but like you i would like to know if this is correct or not??

Hammyman

Glaringly obvious Child Benefit missing from the equation....

Perhaps some time spent posting a SoA on the DFW board would help? They're damned good at finding ways to save money.

For example, got Sky TV? You won't die without it and there's £250-£650+ per year saved.

Nicklt

yeah of course CB aswell, i dont have Sky or any expensive subscriptions like that, just the internet at £20 a month. and two Mobiles (me and the Mrs)

mummyroysof3

why is it dropping in april? are there changes to tax credits i havent heard about? sorry to interupt i was just wondering

jewelly

mummyroysof3 wrote: »

why is it dropping in april? are there changes to tax credits i havent heard about? sorry to interupt i was just wondering

It's because payments are calculated based on the last tax year's income, and each April marks the beginning of the new tax year. If income has increased, then payments will be reduced to reflect that.

Butterfliesarepretty

Nicklt wrote: »

yeah of course CB aswell, i dont have Sky or any expensive subscriptions like that, just the internet at £20 a month. and two Mobiles (me and the Mrs)

Get your mobiles on o2 pay as you go or £10 a month contract and get their internet for £7.50 a month.
Saves me a fortune.

mummyroysof3

jewelly wrote: »

It's because payments are calculated based on the last tax year's income, and each April marks the beginning of the new tax year. If income has increased, then payments will be reduced to reflect that.

i understand that, our household income is less than £16000 so whats the limit hubby can earn before we go into the next 'band' that means tax credits decrease?

pink_princess

make lunches ,don t buy them ,switch suppliers for everything ,use uswitch etc to get the best prices.There was a part on the main site about giving your self a pay rise.It worked great for us when we first found this site.

zagfles

I make it £57.92 tax credits pw (assuming you get the 30 hour element of the WTC). Plus child benefit of £20.30 of course.

If you're not making your bonuses regularly and look like earning less than £18k next year you can phone the tax credits and tell them your esimated income and they should increase the award - BUT be aware that if you do end up earning more than the estimate you will have to pay some back.

Your bills sound high - I'm sure the other forum suggested will have tips on lowering these.

It is possible you'll qualify for housing benefit/HRA - probably not much if you do, but worth a check - your council website will probably have a calculator.

Dave101t

around 1500 quid take home (with your bonuses) and you complaining? jeez.....women.