New baby for 40% tax payer: Any support?

FlashBarry

Hi all,

We are expecting our first baby this year and my wife will be dropping from about £25k/year to statutory maternity pay for a few months (~£130/week) then then possibly leaving work for a few years.

I feel lucky to be on about £40k/year (40% tax payer) but as a family we will take a massive hit on our total income when baby arrives and we go down to living off one wage.

I'm trying to plan our finances. Will we be entitled to any extra support when the time comes? (child beneft? tax credits?) Roughly, how much might we get?

Many thanks

butler_helen

No. (As you'd expect).

There's child benefit and that's it. I know this because we are in the same boat. Nice salaries and a nice lifestyle, we are 6 months into changing our life and out goings to match our new one.

If there is something I've missed I'd be amazed.

Good luck OP and congratulations make the most of the 9 months to plot, plan and save!

FlashBarry

I'm happy to get anything!

You mentioned child benefit. How much is this?

nannytone_2

£20 a week

FlashBarry

Wow, I didn't realise babies would be that cheap to keep!

Thanks for the answer

nannytone_2

iy's up to you and your partner to provide for the baby you are choosing to have.
did you really expect that the taxpayer should meet all the costs of your choice?especially when you already have a better income than most

northerntwo1

You need to pay taxes for everyone else in the country so they have better lifestyles than you, you do realise you are lucky to get £80 some get nothing!

Poppie68

£20 per week will keep a baby in nappies and milk for a few months.

nannytone_2

northerntwo1 wrote: »

You need to pay taxes for everyone else in the country so they have better lifestyles than you, you do realise you are lucky to get £80 some get nothing!

get a grip.
the OP is earning in excess of 40k, his partner will receive 7k in maternity allowance and over 1k in child benefit .
people fo on about the 'culture of entitlement'. the fact that someone with the income level of the OP fwwla they should be entitlled to more than child benefit is eqyally oddensive.

butler_helen

nannytone wrote: »

iy's up to you and your partner to provide for the baby you are choosing to have.
did you really expect that the taxpayer should meet all the costs of your choice?especially when you already have a better income than most

I would hope the OP was just double checking he wasn't missing anything before budgeting.

Sadly OP they aren't "that cheap", but £80 is better than nothing and equivalent of c.£160 a month pre tax/NI and c.£1920 a year payrise! Loads when put like that.

Best advice is budget budget budget and get used to it early, you have nine months to plan (all being well).

nannytone_2

it was the
' wow, i didnt realise babies would be that cheap to keep'
comment that bothered me.
the OP is earning a good wage, but obviously feels he should be getting more.
so i dont think he was just finding out ... more suprised that he wouldnt get any additiona help apart from child benefit