help re what can be claimed ?

garymc

hi guys

to say i didn't expect to be here is an understatement; but i guess most of us 'here' would have that same feeling!

in short; i am at a loss as to what i can claim 4

i am 53, my wife about to leave, we have 2 boys aged 15 & 16 who we will share 50:50 sharing homes, each payng our own costs - so no 'M'

i earn £600pm topped up with loans from my company - it is a new business

my wife will be receive the CTC

i am a house owner with a mortgage with reasonable savings - as the same for my wife

any thoughts/help from those who have found themselves in the same position would be very much appreciated

i expect i can claim WTC and maybe seek a reduction in council tax - but is there anything else???

cheers and have a good day

merlin68

Maybe WTC and a single person discount on the council tax. Only one parent can claim CTC and child benefit.

Oldernotwiser

garymc wrote: »

i am a house owner with a mortgage with reasonable savings - as the same for my wife

Do you mean that you both have separate houses, mortgages and savings?

How much do you have in savings/capital/investments?

How many hours do you work and could you clarify your income arrangements, which sound unusual?

tottybum

garymc wrote: »

hi guys

to say i didn't expect to be here is an understatement; but i guess most of us 'here' would have that same feeling!

in short; i am at a loss as to what i can claim 4

i am 53, my wife about to leave, we have 2 boys aged 15 & 16 who we will share 50:50 sharing homes, each payng our own costs - so no 'M'

i earn £600pm topped up with loans from my company - it is a new business

my wife will be receive the CTC

i am a house owner with a mortgage with reasonable savings - as the same for my wife

any thoughts/help from those who have found themselves in the same position would be very much appreciated

i expect i can claim WTC and maybe seek a reduction in council tax - but is there anything else???

cheers and have a good day

It depends on your savings and income. You say 'reasonable savings' - anything over £6000 will cause problems with means tested benefits.

Are you a director of a new company and taking loans out which will feature in your 'directors loan account'?
If so, you may have some problems with benefits treating those 'loans' actually as income.

Mojisola

garymc wrote: »

i am 53, my wife about to leave, we have 2 boys aged 15 & 16 who we will share 50:50 sharing homes, each payng our own costs - so no 'M'

If you are splitting the care 50/50, you could each claim CB for one child. That would be fairer than one parent getting all the benefits.

garymc

Oldernotwiser wrote: »

Do you mean that you both have separate houses, mortgages and savings?

How much do you have in savings/capital/investments?

How many hours do you work and could you clarify your income arrangements, which sound unusual?

thanks 4 your interest; I have £7800 in savings; but could settle my one debt circa £800, my loan account is currently overdrawn by circa 12k aware this needs to be repaid b4 years end

i work 40+

my accountants advise that loan repayments are not income; as the business is paying back money invested

so i draw £600 pm income and top-up with loan payments

does that clarify enough?

garymc

Oldernotwiser wrote: »

Do you mean that you both have separate houses, mortgages and savings?

How much do you have in savings/capital/investments?

How many hours do you work and could you clarify your income arrangements, which sound unusual?

thanks very much 4 your interest; it is appreciated; think i have clarified within a previous reply???

garymc

Oldernotwiser wrote: »

Do you mean that you both have separate houses, mortgages and savings?

How much do you have in savings/capital/investments?

How many hours do you work and could you clarify your income arrangements, which sound unusual?

I have £7800 currently; this will reduce as i have to replace the stuff taken by my wife

I work 40+ drawing £600pm as income, the business is making a modest profit, i draw some £1400 pm from my loan account - my accountants advise this is not income, it is the business re-paying money lent by me to it

Thanks 4 your interest thus far; it is appreciated

This is all quite painful ... previously (many years ago) I let pride get in the way, not signing on, but it forced me into a busniess that did very well until i decided on a chnage of direction 3 years ago, this time around i intend claiming for whatever I am entitled to both for me and my 2 boys who will live with me 50% of the time - so that makes me lucky, compared to many part-time dads!!!

garymc

tottybum wrote: »

It depends on your savings and income. You say 'reasonable savings' - anything over £6000 will cause problems with means tested benefits.

Are you a director of a new company and taking loans out which will feature in your 'directors loan account'?
If so, you may have some problems with benefits treating those 'loans' actually as income.

I work 40+ drawing £600pm as income, the business is making a modest profit, i draw some £1400 pm from my loan account - my accountants advise this is not income, it is the business re-paying money lent by me to it

Thanks 4 your interest thus far; it is appreciated

garymc

Oldernotwiser wrote: »

Do you mean that you both have separate houses, mortgages and savings?

How much do you have in savings/capital/investments?

How many hours do you work and could you clarify your income arrangements, which sound unusual?

my soon to be 'x' has a buy to let which she is moving in to - i will live in our family home

I work 40+ drawing £600pm as income, the business is making a modest profit, i draw some £1400 pm from my loan account - my accountants advise this is not income, it is the business re-paying money lent by me to it

the balance is overdrawn but will be repaid before the years end

Thanks 4 your interest thus far; it is appreciated

i have £7800 currently in savings - this will reduce

i have one modest loan outstanding

BigAunty

This £800 loan you have discussed - are you intending to repay it early or is it all due by x date, for example?

Reason I ask is that there are deprivation of capital rules for those applying for means tested benefits which can take a dim view of claimants who pay off debts earlier than legally required.

So you should be aware that a strategy to pay off debts, if not legally due to be paid back yet, in advance of applying for benefits could backfire.

However, the rules are really complicated and I'm not doing them justice with that brief overview. Deprivation of Capital requires the DWP or HMRC to prove that a person did this knowingly to better qualify for means tested benefits, I think.