SOA - time to face the truth :(

Thisisme_3

RAS wrote: »

That will depend on whether you can get work to replace the JSA that you will lose soon and the situation going forward.

I would certainly be pulling in the spends further than Step-change suggests and getting some emergency funding in place. What happens if OH's main contract goes belly up in the current climate?

That's why we are trying to put £100 a month away plus 50% of anything extra he earns.

FBaby

Thisisme wrote: »

I didn't get a penny towards childcare. I get £300 pm based on my husbands profit. It's weird how they work it with TC's when you are self employed. I'm currently claiming JSA as I am looking for part time work.

Are you saying the income (profit) you declare for tax credit purposes is much lower than the income he brings the household every week?

RAS

FBaby wrote: »

Are you saying the income (profit) you declare for tax credit purposes is much lower than the income he brings the household every week?

I think that tax credits are based on profit. If he also receives dividends those do not count as income for tax credit purposes? Thats my garbled recall of a post on the benefits forum.

FBaby

I think you are right, but in this case OP, you need to budget in that this will change in the next year with the introduction of the new system. No offense OP, I know it is not the purpose of this thread, but you are getting tax credits that those who do earn the exact same income PAYE are not entitled to.

Thisisme_3

FBaby wrote: »

I think you are right, but in this case OP, you need to budget in that this will change in the next year with the introduction of the new system. No offense OP, I know it is not the purpose of this thread, but you are getting tax credits that those who do earn the exact same income PAYE are not entitled to.

That's not my fault tho? All self eployed people are under the same system. Oh is paid approx £500 pw, from this he pays £50-£60 pw petrol, phone, insurances etc. Leaving him with £19000 profit approx. This is what our tax credits are based on. I've not heard anything about this changing?

Thisisme_3

RAS wrote: »

I think that tax credits are based on profit. If he also receives dividends those do not count as income for tax credit purposes? Thats my garbled recall of a post on the benefits forum.

Yes because what OH brings in a week is before he has paid for petrol, insurances, phone etc. All of which are included in our SOA's.

Thisisme_3

I understand that benefits are a matter people often have strong opinions on. Just to clear up, I'm not fiddling anything, I'd never do that.

FBaby

Sorry, just ignore me, it was the 'profit' business that got to me. I now understand that the £747 also include your JSA amount, that is why it looks so high. I'm sorry for taking over your thread on this matter

Thisisme_3

FBaby wrote: »

Sorry, just ignore me, it was the 'profit' business that got to me. I now understand that the £747 also include your JSA amount, that is why it looks so high. I'm sorry for taking over your thread on this matter

No need to apologise, I like to get people's input and I need to be challenged as it's about time I got my @rse in to gear

JustAboutThere

Thisisme wrote: »

With regards to the presents . . . I don't want to draw too much attention to our debt too if that makes sense.

Dear Thisisme,

I note that later in the thread you've said you'll look at who you gift to, but what you've put here does worry me about your mindset. Trust me, the "Jones family" doesn't care if you're keeping up with them and its trying to do this that can lead into deeper debt.

You don't necessarily have to say 'we're short of money', state that you're saving up for something big or any other excuse you can come up with. But your budgeting has to be your priority, not keeping up with others. As has been mentioned, children will remember time spent and doing things, not big presents in years to come.

I hope you don't take offence at this comment - its honestly meant in your interest.

All the best.