Confused Parent to be

timbo86

Hi there, 2 confused 26 year old parents to be. We have recently found out were having a baby due early next summer and we have been working out our finances as we like to be on the ball. However from 1st looks all i can see is were entitled to £20.30 a week when the baby comes along. Personally i will bring home £17500 a year roughly £1150 a month and my expectant partner who will be on maternity should recieve around £500 a month from her employer. We are very new at looking into all this and i have filled out a calculator online which as i have said states we will recieve £20.30 a week but would be entitled to nothing else. Can anyone confirm roughly speaking if this would be correct please?

merlin68

If your income is over £26000, you will only get child benifit.

timbo86

Thankyou so im right in saying that from next summer i will be earning my wage (£1150) my partner will get (£500) and we will get just the 1 additional benefit (£20.30 a week)

gingergee

Off the point RE Finances, but as a mum of 4, i'd suggest looking at the family board. Babies don't need everything new and you will get tons of prezzies when likkle one arrives x Look into how to budget with the baby, like breast feeding compared to bottle, using washable nappies etc.
Hope this helps (albeit in a diff way than you requested!) Oh and congrats xxx

timbo86

Just another quick question, been passed some advice but not 100% what it was referring too, Apparently for the 1st year or something we only calculate £30 of maternity pay into working tax credits along with my wage.... its abit confusing how i have explained this probably but thats because im not sure of what was said.

merlin68

What's your yearly wage together monthly figures don't mean anything tax credits go on joint yearly figures.

pmlindyloo

timbo86 wrote: »

Just another quick question, been passed some advice but not 100% what it was referring too, Apparently for the 1st year or something we only calculate £30 of maternity pay into working tax credits along with my wage.... its abit confusing how i have explained this probably but thats because im not sure of what was said.

Tax Credits is always very complicated because they usually work on the previous tax year.

However, because your OH is going to be on maternity leave I believe that you may be entitled to some tax credits during this time. Can't say for sure though

I do think that it is worth giving them a call and applying. They are used to this particular scenario so should be able to work it out relatively easily (unlike me!)

timbo86

Hi Merlin my yearly wage is 17,500 and my otherhalf earns 15,000 but i have been told that because she will be on maternity they only count £30 a week towards that figure..... Is this correct?

pmlindyloo

timbo86 wrote: »

Hi Merlin my yearly wage is 17,500 and my otherhalf earns 15,000 but i have been told that because she will be on maternity they only count £30 a week towards that figure..... Is this correct?

Not quite.

As far as I am aware there is a £100 a week disregard for money received during maternity leave.

That's why I believe that you might be entitled to tax credits.

nannytone_2

the first £100 of any maternity pay is disregarded.

but the fact that you earn over 17k and her £30 a week adds another
£1260.

this will put you over the linit for working tax credit, though you would still be entitled to child tax credit

timbo86

Thanks for that the person who told me showed me a piece of paper which said if we had less than £20,000 combined which it would be under the rules of what is said above then we would get something like £4300 over a year. All very confusing i must say haha