Child Tax Credits, totally confused?? What are we entitled to?

dantheman2010

It is difficult but I am sure we can survive.

I just have got so much mixed information from the calculators on all the websites, even though providing the same info to each.

Just wasnt sure whether its worth her earning a wage for us to pay out a big chunk on childcare, or not earning a wage and looking after the child herself and getting more benefits to cover.

Although another option is for her to look for a better paid job after maternity, she is on minimum wage at the moment, so she cant earn any less!

JC9297

You can't make the decision purely based on finances (although on your salary you should be able to manage on just your wages and CB and basic CTC). How about what's best for the child, does your partner need to go back to work straight away - why not wait until the child is a bit older? She may think she will want to go back but often mums change their minds when they actually have a real baby, not a hypothetical one. If you want to have a baby go ahead, but bear in mind that whilst having a plan is a good idea it should be open to change.

vroombroom

Hi Dan

We are due our first child in April and your situation is not too far off ours. We earn just over £30k and having spoken to tax credits today (mainly as I am looking to take early maternity leave) we are entitled to the £124.88 SMP (this goes up to £128 from 3rd April) and £45.21 tax credits. Once baby arrives we will get £20.80 child benefit, then when I return to work or get a new job after 9 months we will get child tax credits towards child care.

Our baby was unexpected so as you are planning I would start putting some of your money away towards savings:

1) I notice you are with Sky. Phone and tell them Virgin have called you with a similar package for £30. Sky will reduce it for you ;-) (OH did this today and he went from pay £48 to £24 for 6 months all channels!)

2) DO the same with the home phone and see if your car insurance do breakdown inclusive.

:-)

dantheman2010

vroombroom wrote: »

Hi Dan

We are due our first child in April and your situation is not too far off ours. We earn just over £30k and having spoken to tax credits today (mainly as I am looking to take early maternity leave) we are entitled to the £124.88 SMP (this goes up to £128 from 3rd April) and £45.21 tax credits. Once baby arrives we will get £20.80 child benefit, then when I return to work or get a new job after 9 months we will get child tax credits towards child care.

Our baby was unexpected so as you are planning I would start putting some of your money away towards savings:

1) I notice you are with Sky. Phone and tell them Virgin have called you with a similar package for £30. Sky will reduce it for you ;-) (OH did this today and he went from pay £48 to £24 for 6 months all channels!)

2) DO the same with the home phone and see if your car insurance do breakdown inclusive.

:-)

Thank you for your advice. The home phone is an expense covered by work, the car insurance is my partners (as I get a company car).

The Sky thing I may check out doubt they will as I am on HD.

Do you get the £45 tax credit per week and also whilst on maternity leave?

Do you know what tax credits you are likely to receive after the baby is born, toward the childcare costs?

Thanks

vroombroom

OH has HD as well its worth asking

yes the tax credits will be in addition to my SMP. The girl I spoke to said it takes a couple of weeks to process so once they are sorted I will go on maternity.

In regards to the child element it depends on what your partner is planning to do with work. It might be worth her ringing the tax credit people to get a better idea - eg if she is going back part time/full time etc :-)

sunnyone

vroombroom wrote: »

OH has HD as well its worth asking

yes the tax credits will be in addition to my SMP. The girl I spoke to said it takes a couple of weeks to process so once they are sorted I will go on maternity.

In regards to the child element it depends on what your partner is planning to do with work. It might be worth her ringing the tax credit people to get a better idea - eg if she is going back part time/full time etc :-)

You would only get working tax credit whilst on maternity pre the birth of the child and that is only payable to very low incomed couples, if you have a kids it stops at under £18,600 or so, it will be less for a couple without kids.

DaisyFlower

On a salary of £25k alone its very unlikely you will get any help towards childcare with just one child, two in childcare and you may get some help. My friend earnt £25k and didnt qualify for any help with childcare.

You'll get CB and basic tax credits of £10 pw (tax credits subject to future changes though so its not money to be banked on).

hoo

Hi

If you're thinking of starting a family probably best to check your out goings...... on one hand spending £60 on Sky then on the other wanting to know what benefits you would be entitled to?
Sorry for sounding harsh and good on you for planning but you have to take responsibility financially if you want to start a family, the tax payer's not going to be helping make your baby so shouldn't really be expecting them to pay for it!!!

dantheman2010

Fair enough but the benefits are there when you have children, if its good enough for people who dont work to take from the government then I dont see why if I do work and pay my taxes why I shouldnt claim what I am allowed. I am also entitled to certain luxuries considering I work very hard for my money. I was just wondering what we would be entitled too, if any. Not necessarily looking for hand outs. Just getting the facts whilst assessing the possibility of starting a family. Next people will say even though I work hard I cant go out for a meal every now and then or have a night out etc etc. Not having a go at you as I appreciate your comment, perhaps Sky would have to go, but my partner isnt even pregnant yet - long way to go before Sky needs to be removed and like I said.....I work hard, I like to enjoy life too.

nannytone_2

dan - regarding your sky. phone them up and ask to be put through to cancellations. they will fall over themselves to keep your custom!
i did it when the sky plus box first came out, and was being offered free to new customers but exissting customer had to pay.
i got a free sky plus box, plus free telephone line rental for a year and free connnection to broadband!
( mind you, my husband was having kittens when he heard me ask to be put through to cancellations lol)