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All a bit lost...

Hi All,

Hope you can help - or point me in the right direction at least.
I'm not overly worried about our financial situation (we'll manage somehow) but I'm just looking for some clarification on where we'll be.

- I am currently 13 weeks pregnant and will qualify for statutory maternity pay but I won't have a job to come back to, current salary £16,950p/a (baby due in August)
- My husband is employed full time, earning £21,500p/a
- My husband has a mortgage on our current house joint with his cousin (currently living in Poland but making a contribution to the mortgage)
- I am in a protected trust deed until November 2013

I know that we will be entitled to child benefit but the tax credit calculator is confusing the life out of me. Does anyone know where I can find out what will be available to us?

We're in Scotland if that helps :)
«1

Comments

  • princessdon
    princessdon Posts: 6,902 Forumite
    There are calculators but for until April 2013 you won't get tax credits as his income and yours until July will mean annual income is over the £26k
  • Claree__x
    Claree__x Posts: 1,186 Forumite
    There are calculators but for until April 2013 you won't get tax credits as his income and yours until July will mean annual income is over the £26k

    Thanks :)

    Realistically we wouldn't be claiming for anything until after then anyway - for next tax year my estimated income will be £11410 so based on that we'd be over the threshold anyway? Or does maternity pay not count towards it (then it'd still be £5200 gross)
  • notanewuser
    notanewuser Posts: 8,499 Forumite
    Claree__x wrote: »
    Thanks :)

    Realistically we wouldn't be claiming for anything until after then anyway - for next tax year my estimated income will be £11410 so based on that we'd be over the threshold anyway? Or does maternity pay not count towards it (then it'd still be £5200 gross)

    You deduct £100 per week of your statutory mat pay for tax credits.
    Trying to be a man is a waste of a woman
  • princessdon
    princessdon Posts: 6,902 Forumite
    I meant April 2013 - 2014. Maternity pay less £100 pw x 39 weeks is your salary

    Eg if OH earns £21,500 it leaves 4.5k for you. If you work ap, may, jun etc you will be over, so until April 2014 you won't get anything.

    From April 14 you will get a small amount (unless they lower the threshold)
  • mrsj28
    mrsj28 Posts: 1,287 Forumite
    edited 21 February 2013 at 6:09PM
    Claree you've saved me posting an almost identical thread!

    Thanks notanewuser for the note about deducting £100 per week of statutory maternity pay, that's exactly the info. I was after.

    I hope you don't mind me asking a question on your thread Claree, but it's in the same vein as the original post..

    I'm expecting a baby in June, planning to apply for child tax credits after the baby is born. In the 2012-13 tax year my income will have been £22,000, but it'll drop down to statutory maternity pay for most of 2013-14. Can they base the claim on estimated income for the year? Otherwise we wouldn't be eligible based on the 2012-13 tax year's income.
  • princessdon
    princessdon Posts: 6,902 Forumite
    mrsj28 wrote: »
    Claree you've saved me posting an almost identical thread!

    Thanks person_one for the note about deducting £100 per week of statutory maternity pay, that's exactly the info. I was after.

    I hope you don't mind me asking a question on your thread Claree, but it's in the same vein as the original post..

    I'm expecting a baby in June, planning to apply for child tax credits after the baby is born. In the 2012-13 tax year my income will have been £22,000, but it'll drop down to statutory maternity pay for most of 2013-14. Can they base the claim on estimated income for the year? Otherwise we wouldn't be eligible based on the 2012-13 tax year's income.

    Yes they base on last year, you get an award of zero, then ring up with this years estimate and they adjust based on your estimate.
  • Claree__x
    Claree__x Posts: 1,186 Forumite
    edited 21 February 2013 at 5:26PM
    I meant April 2013 - 2014. Maternity pay less £100 pw x 39 weeks is your salary

    Eg if OH earns £21,500 it leaves 4.5k for you. If you work ap, may, jun etc you will be over, so until April 2014 you won't get anything.

    From April 14 you will get a small amount (unless they lower the threshold)

    Maybe it's baby-brain or maybe I'm just just being obtuse but I don't get the bold part.

    I'll be working April 'till August so will earn just under £6k in that time so I guess that's me out anyway so I won't have to worry about it :rotfl:

    Slightly concerning but I suppose my maternity pay will take me (just) into the new tax year so we can look at it again then.

    ETA - I'm so rude. Thank you for your help!!
  • Claree__x
    Claree__x Posts: 1,186 Forumite
    mrsj28 wrote: »
    Claree you've saved me posting an almost identical thread!

    Thanks person_one for the note about deducting £100 per week of statutory maternity pay, that's exactly the info. I was after.

    I hope you don't mind me asking a question on your thread Claree, but it's in the same vein as the original post..

    I'm expecting a baby in June, planning to apply for child tax credits after the baby is born. In the 2012-13 tax year my income will have been £22,000, but it'll drop down to statutory maternity pay for most of 2013-14. Can they base the claim on estimated income for the year? Otherwise we wouldn't be eligible based on the 2012-13 tax year's income.

    Congrats! :D
  • princessdon
    princessdon Posts: 6,902 Forumite
    Claree__x wrote: »
    Maybe it's baby-brain or maybe I'm just just being obtuse but I don't get the bold part.

    I'll be working April 'till August so will earn just under £6k in that time so I guess that's me out anyway so I won't have to worry about it :rotfl:

    Slightly concerning but I suppose my maternity pay will take me (just) into the new tax year so we can look at it again then.

    ETA - I'm so rude. Thank you for your help!!

    Yes unless they change rates until 2014 you are over.

    If you go into 2015 then the first £100 pw is disregarded. So lets say you get 5 weeks at £135 in that tax year. Only 5 x 35 is counted.

    Also pension is deducted so if you have pensions they are discounted.
  • notanewuser
    notanewuser Posts: 8,499 Forumite
    mrsj28 wrote: »
    Claree you've saved me posting an almost identical thread!

    Thanks person_one for the note about deducting £100 per week of statutory maternity pay, that's exactly the info. I was after.

    I hope you don't mind me asking a question on your thread Claree, but it's in the same vein as the original post..

    I'm expecting a baby in June, planning to apply for child tax credits after the baby is born. In the 2012-13 tax year my income will have been £22,000, but it'll drop down to statutory maternity pay for most of 2013-14. Can they base the claim on estimated income for the year? Otherwise we wouldn't be eligible based on the 2012-13 tax year's income.

    Person_one???

    You can have it based on an estimate but the margin for error is much smaller so could easily result in an overpayment.
    Trying to be a man is a waste of a woman
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