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CTC when working part time
leftieM
Posts: 2,181 Forumite
First, apologies if this is an oldie.
I'm a SAHM. However it's rather a struggle financially and I would like to start working part time. I'm finding it difficult to find something pt that does more than pay for childcare. I looked at entitledto and it seems that, if I earn 7k a year and pay 400 a month childcare (pt), I will get 2.3k more in CTC. Is this right - have others received this? My OH earns 24.6k a year before pension contributions are taken out. Last year I earned 1.8k (but paid no childcare) so our current CTC is 1.2k a year.
What worries me is that, when I told the CT folks about my earnings last year, our tax credits dropped by 600k+ as expected. So how can I get more CTC if I earn more, just because I pay childcare. It seems an anomaly that childcare makes such a difference - ie if I keep 1.8k after paying childcare I'd be better off because of increased CTC than if i earn a straight 1.8k and pay no childcare.
Also should I have kept quiet about the 1.8k until the end of the tax year - would this have come under the 'income disregard'?
I'm a SAHM. However it's rather a struggle financially and I would like to start working part time. I'm finding it difficult to find something pt that does more than pay for childcare. I looked at entitledto and it seems that, if I earn 7k a year and pay 400 a month childcare (pt), I will get 2.3k more in CTC. Is this right - have others received this? My OH earns 24.6k a year before pension contributions are taken out. Last year I earned 1.8k (but paid no childcare) so our current CTC is 1.2k a year.
What worries me is that, when I told the CT folks about my earnings last year, our tax credits dropped by 600k+ as expected. So how can I get more CTC if I earn more, just because I pay childcare. It seems an anomaly that childcare makes such a difference - ie if I keep 1.8k after paying childcare I'd be better off because of increased CTC than if i earn a straight 1.8k and pay no childcare.
Also should I have kept quiet about the 1.8k until the end of the tax year - would this have come under the 'income disregard'?
Stercus accidit
0
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