Going back to work, tax credits

DinkyLink_2

Hi, new here

I am returning to work in the near future. I am basing my calculations at minimum wage for 20hrs a week for arguements sake.

I went onto the Entitled To calculator and I'm not sure if I've done it right. I entered details as if I started work yesterday. So last years income was 0 and earnings now is £123.80 per week.

Based on this, the calcuator has said I can get over £600 a week in WTC, CTC, LHA and CTB.

That doesn't seem right to me?? Is this on top of wages? Would this amount then drop next tax year?

It's confusing...

TIA!!

princessdon

It's correct (I am assuming childcare payments though). yes wages are extra.

It may drop based on your income next year (but not by much), the calculator is pretty accurate.

They make working pay so go for it whilst you have the chance.

DinkyLink_2

Thanks Princessdon I won't have childcare costs as my lovely mum will be looking after the little-uns whilst the big-uns are at school. Still working on the "who's gonna look after them all during the holidays" part!

A term time job would be great but those are few and far between!

princessdon

DinkyLink wrote: »

Thanks Princessdon I won't have childcare costs as my lovely mum will be looking after the little-uns whilst the big-uns are at school. Still working on the "who's gonna look after them all during the holidays" part!

A term time job would be great but those are few and far between!

We all juggle childcare (says the term time worker ), there is always a way.

The calculator is based on 0 income and if real income is high it affects it, based on NMW it's not much change for 2013 - 2014 so if a drop it's a small one based on what you say.

If you get a £20K a year job - tell them as it uses a disregard of 10K.

DinkyLink_2

Somehow I don't think I'll be earning £20k for a good few years!

Can I ask what you do for older children in the holidays? My 2 eldest will be secondary age, I can't leave my eldest son with my mum and the other children as he has "difficulties" and she can't cope with him. But there doesn't seem to be much childcare around for elder kids.

princessdon

DinkyLink wrote: »

Somehow I don't think I'll be earning £20k for a good few years!

Can I ask what you do for older children in the holidays? My 2 eldest will be secondary age, I can't leave my eldest son with my mum and the other children as he has "difficulties" and she can't cope with him. But there doesn't seem to be much childcare around for elder kids.

I am term time

There are schemes around though and it depends on area. We do a 10 - 4 scheme for 50p a day where they do arts, sports, crafts etc. It's ran at their school with staff they know etc. contact your Families Information Service for info of all schemes over the holiday.

Eg my eldest went with friends to a camp (about 20 miles away) for £20 for 3 weeks over the summer, but depends on area. FIS will know.

Gentile

DinkyLink wrote: »

Hi, new here

I am returning to work in the near future. I am basing my calculations at minimum wage for 20hrs a week for arguements sake.

I went onto the Entitled To calculator and I'm not sure if I've done it right. I entered details as if I started work yesterday. So last years income was 0 and earnings now is £123.80 per week.

Based on this, the calcuator has said I can get over £600 a week in WTC, CTC, LHA and CTB.

That doesn't seem right to me?? Is this on top of wages? Would this amount then drop next tax year?

It's confusing...

TIA!!

I am confused, so to clarify, are you saying you are now entitled to around 2400£ a month n cash + 500 in wages making it around 2900 £ in total ? That equates to about 50K PA in full time work. It looks like there could be a problem in the calculator.

plum2002

Gentile wrote: »

I am confused, so to clarify, are you saying you are now entitled to around 2400£ a month n cash + 500 in wages making it around 2900 £ in total ? That equates to about 50K PA in full time work. It looks like there could be a problem in the calculator.

No, it's correct

Russe11

it is shocking i've heard of calculations that equate to salaires of near 70k a year for single parents doing a couple of days NMW work a week.

Watch the one show from yesterday, asking people on the street how mych in benefits people are entitled to.... they where guessing well below the entitled amounts.

Don't get me wrong kids are hard work, but it does seem that we encourage it financially as well as making it a career choice.

davholla

Gentile wrote: »

I am confused, so to clarify, are you saying you are now entitled to around 2400£ a month n cash + 500 in wages making it around 2900 £ in total ? That equates to about 50K PA in full time work. It looks like there could be a problem in the calculator.

I work full time and my wife part time and we don't get that.
When I put our details into entitled to - we are entitled to nothing.
It seems very unfair.

DinkyLink_2

Well this is why I asked, I thought there may be something wrong with the calculator.

I've not worked in a long time, I was fortunate enough to be able to stay at home whilst my husband brought home the bacon. But circumstances change and I am now the "man of the house" so I am doing what I have to do to better my family's life.