Help please - single mum trying to work out Tax Credits and money ??

mumofthetwins

Hi

I am a newley single mum and i have decided it is now time to pull my head out of the sand and sort out my money.
I currently earn £11500/year coming out with £830/month
My ex husband is going to give me £450/month maintenance (starting 15th of next month / even though he left the start of this month)

I went to add my details to work out tax credits and i have gotten stuck

The part i am stuck on is that we have a house we currently rent out but i am planning on moving back into this with the boys. Any profit made from this house has always been in my name.
We made around £1000 profit last tax year, do i enter this or do i have to enter the pre expenses/deductables amount ???

Im just really confused and i had planned on pulling my socks up today but it always seems like there is something in the way :mad:

He would have normally sorted everything out but hes not here and i am just so worried now as the differance in the tax credits post and pre expenses is alot to me.

Also does anyone know if there are any other benefits/rebates i could claim. The house we are moving back to is trashed and needs everything new from boiler to bathroom.
I really do need to try to manage my money and i think that after 19 years of paying taxes, if i am entitled to it i should claim it.

I would really appreciate any help
Lisa

pmlindyloo

mumofthetwins wrote: »

Hi

I am a newley single mum and i have decided it is now time to pull my head out of the sand and sort out my money.
I currently earn £11500/year coming out with £830/month
My ex husband is going to give me £450/month maintenance (starting 15th of next month / even though he left the start of this month)

I went to add my details to work out tax credits and i have gotten stuck

The part i am stuck on is that we have a house we currently rent out but i am planning on moving back into this with the boys. Any profit made from this house has always been in my name.
We made around £1000 profit last tax year, do i enter this or do i have to enter the pre expenses/deductables amount ???

Im just really confused and i had planned on pulling my socks up today but it always seems like there is something in the way :mad:

He would have normally sorted everything out but hes not here and i am just so worried now as the differance in the tax credits post and pre expenses is alot to me.

Also does anyone know if there are any other benefits/rebates i could claim. The house we are moving back to is trashed and needs everything new from boiler to bathroom.
I really do need to try to manage my money and i think that after 19 years of paying taxes, if i am entitled to it i should claim it.

I would really appreciate any help
Lisa

As regards the tax credits:

Calculating Property Income

The figure used for tax credit purposes should be the same as that agreed for income tax purposes.
Top of page
Deductions in computing profits from Property Income

Generally, expenses can be deducted as long as they are allowable expenses for income tax.


As regards the home improvements I cannot help.

If the house is in such a bad state have you considered selling it?

Is it in your name? Have you sorted out the arrangements with your ex as regarding the house?

You say the rent for the house is in your name - is this just an income tax arrangement?

mumofthetwins

Hi
Thanks for your reply.

The house is in both our names, although originally it was just mine but we put his name on it when we bought our other house :mad:
I want to keep the house even though its in a bad sate as it is only 4 houses along from my parents house ( so great for support ).
My ex has said that he will take is name off the morgage when i come to change it to a residental morgage, at east then i know thats its all mine again.
Thanks
Lisa

pmlindyloo

You really need to get some professional advice about all this house business. Your ex saying he is going to do this and that may backfire. At the very least, if you do not want to pay out huge sums for a solicitor, get some sort of legal document drawn up about splitting the assets.

Any grants/help available is generally for people on low incomes and without savings.

Dognobs

Looks like you will be in the money!