Benefits for high earners

byrneand

Nick_C wrote: »

Hi Byrneand,

I'm sorry that your question has produced nothing but sarcasm and insults, but I'm afraid that is what 21st Century Britain is like. We are now a society that believes the state owes us everything, the rich should pay for it, and everything that has gone wrong in our lives is someone else's fault.

As someone earning more than £150K pa, you will be entitled to pay a minimum of £60K in tax and national insurance to help to support bone idle layabouts who have never done a day's work in their lives.

You would think that your significant financial contribution to our failing economy would be welcomed, and that you would be congratulated for having achieved a sound financial situation that will allow your wife to stay at home and be a good mother to your children, instead of having to go out to work and farm them out to strangers, but you will not. You will be met with envy and jealousy.

Child Benefit is out of the question, but you can minimise you tax liability by opening a junior ISA for your newborn. Halifax currently pay 6% and you can save up to £3,720 pa, which is locked away until your child reaches 18. This should cover your child's costs once they go to university, so offer you a long term saving.

Despite your immense wealth, a benefit that the envious majority have not yet taken away from you is that you and your wife are still allowed is to invest up to £11,520 each in an ISA each year, avoiding higher rate tax on investment income.

Apart from that, expect to give a lot of money to the State and get very little in return.

Welcome back to the UK! (Are you sure you wouldn't rather stay where you are?)

Legend! Thanks Nick C. So basically just maximise the ISAs, and transfer assets into wife's name to maximise tax allowances.

As I said, I didn't (rightly) think we were entitled to anything but thought it was worth checking.

No firm decision on moving back to the UK. US, UK and Switzerland are all still options at the moment and just trying to weigh up the pros and cons of work-life balance, experience to be gained from the new role, pay and being close/accessible to friends and family. As you can imagine, what benefits we may or may not receive are pretty low down the list as I work on the basis that I receive nothing and have to pay for everything.

I'd suggest the same debates everyone has when trying to decide about job moves.... Independent of income level.

Again thanks for the clarity

Dunroamin

byrneand wrote: »

Well it seems like every Tom, !!!!!! and Harry who never works and claims benefits knows everything they're entitled to... And yet I still see a lot of satellite dishes, iPhones and play stations kicking around in these areas where statistically over 80% of parents receive welfare payments.

If you re-read the original post, I 'm not saying we want to claim them, simply want to know what actually is available.

By the way, I'm in work on a Sunday doing my 100-115th hour of work for the week. And obviously in reference, to the term "newborn" as was relating to a child.

Thanks again for the help.

Just what the parent of a "newborn " should be doing.

Nick_C

byrneand wrote: »

So basically just maximise the ISAs, and transfer assets into wife's name to maximise tax allowances.

And if you are planning on staying here two years or more, you should also put as much as you can into a pension scheme, as you will get tax relief.

You've got in interesting decision to make, and are lucky to have those choices. You obviously need to cost out your bottom line for each of those countries, but also consider quality of life and the education systems.

princessdon

Dunroamin wrote: »

Just what the parent of a "newborn " should be doing.

Must admit I agree with this. OP we have a combined income similar (only slightly below) yours but we still manage a work life balance. Unless a major contract needs his attention, weekends are ours (bar email answering). They grow up too fast, try to find a balance or you will miss out on so much.

Nick_C

**Patty** wrote: »

Actually Halifax pay 6% only provided you as an adult hold an ISA with them too.

And that rate only lasts for the first 12 months, then it reverts to the standard rate.

I know this because I've just opened them for my 3.

Thanks Patty. The 12 months is sneaky, I couldn't see that on their web site, but did see its a variable rate. Presumably you can transfer to another provider if the rate drops?

Re it only applying if the parent also has a cash ISA with Halifax, presumably you can get round this by just opening an ISA with £1. Personally, I don't think adult cash ISAs are worth having, and I'm moving my maturing accounts into self invested Stocks & Shares ISAs.

byrneand

Dunroamin wrote: »

Just what the parent of a "newborn " should be doing.

One of the cons, and a major one i'm very aware of. But like every parent, you try to figure out what's the best for your family both in the short and long term.

My view is just dont moan about your situation. You make the decision to work in your chosen industry and as multiple posters have made in the past across the many boards there are nurses and drivers etc.. Who work unsocial hours or have to work multiple jobs to make ends meet.

Perhaps oe day I'll be fortunate enough to work in an industry that lets me have as much time off as yourself. Alternatively, is it best to earn as much as possible over the next 3 years and retire and spend significantly more time with my family, whilst trying to eek out as much time as possible now with the first.

Life's never simple and full of having to make compromises. I personally think most people just try to their best for both themselves and their families

Dunroamin

byrneand wrote: »

One of the cons, and a major one i'm very aware of. But like every parent, you try to figure out what's the best for your family both in the short and long term.

My view is just dont moan about your situation. You make the decision to work in your chosen industry and as multiple posters have made in the past across the many boards there are nurses and drivers etc.. Who work unsocial hours or have to work multiple jobs to make ends meet.

Perhaps oe day I'll be fortunate enough to work in an industry that lets me have as much time off as yourself. Alternatively, is it best to earn as much as possible over the next 3 years and retire and spend significantly more time with my family, whilst trying to eek out as much time as possible now with the first.

Life's never simple and full of having to make compromises. I personally think most people just try to their best for both themselves and their families

Not really the same thing, is it?

Nick_C

Dunroamin wrote: »

Just what the parent of a "newborn " should be doing.

OP might be missing out on the joy of being with his newborn, but surely everyone who brings a child into this world has a duty to give it the best possible start in life. OPs child has a huge advantage of having a full time parent at home looking after it, and its dad that will miss out, not the baby.

byrneand

princessdon wrote: »

Must admit I agree with this. OP we have a combined income similar (only slightly below) yours but we still manage a work life balance. Unless a major contract needs his attention, weekends are ours (bar email answering). They grow up too fast, try to find a balance or you will miss out on so much.

100% agree. Just can't turn things around instantaneously due to commitments. When the opportunity comes to leave on a Friday at 3pm and switch the phone off, I'll certainly be looking to take it!

Baby doesn't arrive until October hence trying to get annual projects and targets out the way now.

byrneand

Dunroamin wrote: »

Not really the same thing, is it?

Why not? That person has chosen to work in an industry that means that they need to work those hours.