We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Tax credits and overtime at work
abc777
Posts: 4 Newbie
Hi
I have just started a new job on a lowish salary and will be recieving child and working tax credits, the company I will be working for is always busy and overtime is always on. I was looking forward to the extra hours work as its payed time and a half.
But I have just calculated if I worked 10 hours a week overtime I would only recieve about £3.50 per hour for the overtime as my tax credits would drop therefore should I do the overtime if its required or refuse and explain my situation to the boss thoughts please !!!
I have just started a new job on a lowish salary and will be recieving child and working tax credits, the company I will be working for is always busy and overtime is always on. I was looking forward to the extra hours work as its payed time and a half.
But I have just calculated if I worked 10 hours a week overtime I would only recieve about £3.50 per hour for the overtime as my tax credits would drop therefore should I do the overtime if its required or refuse and explain my situation to the boss thoughts please !!!
0
Comments
-
It's an extra £35 a week, isn't that worth having?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
-
Have you taken the 10K disregard into account for this tax year? Tbh, I know it's hard but earning your own money opposed to off setting your income against what you could get from tax credits is creating a better future for your family. I really don't understand people who chose to reject work because they can get more from tcs/benefits. Your hourly rate will stay the same, you are not being penalised by the system, you are earning a living
0 -
to be fair it is a balancing act you can gain a few quid extra by doing overtime but it can cause your tax credits to drop by more than you earned so it does need thinking about. more so if your getting the working tax credit0
-
£3.50 an hour extra is £3.50 an hour extra...as they say, every little helps!We made it! All three boys have graduated, it's been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk - now having fun and games as a wheelchair user.0 -
I'd say do it!
An extra £35 a week would be great for me!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards