Advice pls

emilie03

I was recently made redundant, i have 3 children, and there is a option now for my wife to return to work in a postion that pays some £5k under what i was earning at my last employment,and for me to become a house daddy husband, should she take the postion, will we recieve tax credits, or are these based on my employment from 05/06, ? advice much thanked

scatz

They would base the tax credits on your wifes income. If she took the job she would need to give them a prediction/forecast of her earnings which they would balance at the end of the year.

It is, however, advisable to update Tax Credits throughout the year if your household income is significantly different from what you first advise them it would be.

Paul1sh

Hi,
I've been a house husband/daddy since 1996.That's not to say I've stayed at home all that time.My wife suffered from postnatel depression after the birth of our second child in '95.At the time I was a butcher and had been since leaving school ,little knowing that this was a declining trade but after foodscares etc. job security just wasn't there and I was facing redundancy before '96 was out .To cut a long story short we've both been job sharing ever since.There have been times where we've both worked part-time (i.e. She's worked - 2 days a week and I've worked 3 days) and there has been times where she's worked full time for 12 months and I've been running the house/looking after the children and vice versa.At the moment she works thurs,fri & sat daytime whilst I work thurs & fri night which works out great because we have more time together yet both still work.The children will both be in high school this september and hopefully the mortgage will be paid off in october '08.I guess what I'm trying to say is it doesn't matter which partner goes to work so long as you can keep the wolves from the door but at the same time don't be thinking that you have to stay at home forever.
Tax credits are based on your employment in the current tax year.If you look at the paperwork it does say to notify them of change of income and in the case of a decrease then it is very much in your favour to notify them a.s.a.p. .
My advice would be to do a budget based on your wife's expected earnings and then go to the tax credit website which has a calculator on there that tells you roughly how much you'll recieve in tax credits.
Hope some of this helps,
Paul

emilie03

Many Many Thanks for the advice Paul. at the moment we rent with the view to buy when i suddenly became redundant.
Thanks

emilie03

went to tax credit website, entered details asked my icome on last year- and the amount was based on what i earned?
saw no where to enter wifes details,?

thanks...

Paul1sh

emilie03 wrote: »

went to tax credit website, entered details asked my icome on last year- and the amount was based on what i earned?
saw no where to enter wifes details,?

thanks...

Enter your wifes details instead of your own.The tax year is over in 3 weeks anyway so depending on when she'll get paid she might not get paid for working until 2007/08 tax year starts.

emilie03

ok will do, thanks
will not start until 4 weeks hopefully