Worried about April

loobyloo1980

have been on entitledto and things don't quite look as bleak as I thought. I had no idea they disregarded £2500 of an income rise or anything like that.

Looks a lot more promising anyway - keep your fingers crossed for me xx

Becles

If a pay rise is going to put you in a worse position, is it possible to either turn down the promotion, or ask to do the work on his current pay level?

loobyloo1980

Becles wrote:

If a pay rise is going to put you in a worse position, is it possible to either turn down the promotion, or ask to do the work on his current pay level?

No he really needs to job for the experience as the next job up is £30k basic salary. he could realistically hope to get it within a year, if he takes this one. The overtime makes it very worthwhile too - 1 session of overtime is almost the same as 1 weeks pay in this job - can't turn that down.

Like I said, been on entitled to and according to that as long we don't go over 18k this tax year our CTC wouldn't be affected but WTC would have been overpaid.

stuwilky

loobyloo1980 wrote:

have been on entitledto and things don't quite look as bleak as I thought. I had no idea they disregarded £2500 of an income rise or anything like that.

Looks a lot more promising anyway - keep your fingers crossed for me xx

Its not quite as simple as that LL.

The £2500 comes in if....

When you apply for 2004/05 you declare your estimated income as £14,000 but in fact earn £16,000 that would not affect your benefit for the CURRENT year. You would have to pay back 37p in the pound for every pound extra earned from £2,500 upwards.

However, this £16,000 figure would then be used to calculate your benefit due for 2005/06. If some of this years income is overtime you can contact them to tell them your income is going to be less and they will recalculate the amount due during the year.

stuwilky

Re losing the free prescriptions remember the pre payment certificates you can buy for the year - not as good as free prescriptions, but better than paying for them individually if you need a few per month.

Be very wary of the calculators, most only consider new applications, not amendments. The figure of £300 pa you mentioned earlier for example is way off the mark.

loobyloo1980

stuwilky wrote:

Its not quite as simple as that LL.

The £2500 comes in if....

When you apply for 2004/05 you declare your estimated income as £14,000 but in fact earn £16,000 that would not affect your benefit for the CURRENT year. You would have to pay back 37p in the pound for every pound extra earned from £2,500 upwards.

However, this £16,000 figure would then be used to calculate your benefit due for 2005/06. If some of this years income is overtime you can contact them to tell them your income is going to be less and they will recalculate the amount due during the year.

Yes,it was the final award that I was worried about not next years award. I know that next years will be based on the higher figure. I was worried about my final award come April being dreadful on the overpayment side, which it appears it will not be as bad as I thought. The CTC is unaffected and it is just the WTC that will change as a result of the change in income for this tax year according to the website. We knew when the payrise came that WTC was out of the window - just thought that the CTC would be too.

loobyloo1980

stuwilky wrote:

Re losing the free prescriptions remember the pre payment certificates you can buy for the year - not as good as free prescriptions, but better than paying for them individually if you need a few per month.

Be very wary of the calculators, most only consider new applications, not amendments. The figure of £300 pa you mentioned earlier for example is way off the mark.

Yes I will look into the prepayments for medical stuff.

The entitledto calculation was very detailed and allowed me to put in my final income declared 03/04 and then income for 04/05 to work out the final award for 04/05. The £300 came from the IR 'do I qualify' webpage. I was nearly in tears when I saw that to be honest so thanks guys for pointing out that it wasn't a full year's calculation.

I think I will just sit tight and wait now for my new award notice showing the changes and then worry come April when I do my declaration.

stuwilky

Martin did an article....

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1088972323,15183,

loobyloo1980

stuwilky wrote:

Martin did an article....

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1088972323,15183,

can't get to it, error in the link.

moggins

I didn't know about the pensions thing either, hubby pays £100 straight from his wages into his pension and I've never even thought about it, just given them the gross figure