Help, Baby Number 3

Wonderingaboutno3

Hi,

I was wondering if Someone could help?
I have tried utilizing 'entitled to' and the tax credits calculator, but because I'm wanting to guesstimate next year, I'm struggling a bit.

We are discussing ttc baby number 3, however, are looking into all possibilities/eventualities before we commi.
One of those wil be WTC/TC allowance.

I wondered if someone could possibly help work out what our allowance would be should we have another baby.

12/13
Partner salary - £15000
My salary - £9000 (stay at home mum 1/2 year)
Child Care whilst both in full time work -£315 per week

13/14
Partner £16000
My salary £20000
Child are £315 per week.


In theory, say we managed to concieve and be due by October for example, what would we be entitled to?

Estimated 14/15 income

Partner £16000
My salary £10000 + (approx 8 months worth of maternity pay)


Sorry if this sound really long winded....

Thank you for any help you can offer!

Wonderingaboutno3

I did sate we were looking into all possibilities, and as this is a factor, for child care when I return to work, I thought someone may be able to shed some light In that respect, rather than jump on the 'a baby is for life' line.

Wonderingaboutno3

Yep, child care for after maternity leave, to enable me to continue to support my family.

NYM

Wonderingaboutno3 wrote: »

Yep, child care for after maternity leave, to enable me to continue to support my family.

I can appreciate that child care costs are difficult to calculate but especially so for sometime in the future (18 months-2 years ?) but currently, I'm sure I've read it is something in the region of 70% of costs.

scootw1

Wonderingaboutno3 wrote: »

Yep, child care for after maternity leave, to enable me to continue to support my family.

If you reread your post you actually mentioned tax credits and said

In theory, say we managed to concieve and be due by October for example, what would we be entitled to?

So you specifically asked about benefits not child care. People can only respond to what you ask.

MissMoneypenny

scootw1 wrote: »

So you specifically asked about benefits not child care. People can only respond to what you ask.

Those parents who need help with their childcare costs, claim Tax Credits: and Tax Credits are benefits.

If the OP is planning another child based on getting help from benefits for x number of years, then you also need to factor in benefit changes. i.e. What if they bring in a limit to the number of children that the welfare state will pay for? Could you afford to pay for your own child then?

You don't know what those benefits changes will be over the course of you wanting benefits for your children, but I think we all know the welfare state won't be as generous with benefits as it has been over the last 15 years. The UK can't afford it. Work your decision out on whether you can afford another child from your earnings and look on any benefit help you get, as an extra.

zagfles

Wonderingaboutno3 wrote: »

Hi,

I was wondering if Someone could help?
I have tried utilizing 'entitled to' and the tax credits calculator, but because I'm wanting to guesstimate next year, I'm struggling a bit.

We are discussing ttc baby number 3, however, are looking into all possibilities/eventualities before we commi.
One of those wil be WTC/TC allowance.

I wondered if someone could possibly help work out what our allowance would be should we have another baby.

12/13
Partner salary - £15000
My salary - £9000 (stay at home mum 1/2 year)
Child Care whilst both in full time work -£315 per week

13/14
Partner £16000
My salary £20000
Child are £315 per week.


In theory, say we managed to concieve and be due by October for example, what would we be entitled to?

Estimated 14/15 income

Partner £16000
My salary £10000 + (approx 8 months worth of maternity pay)


Sorry if this sound really long winded....

Thank you for any help you can offer!

Tax credits disregard the first £100pw of maternity pay, so you'd need to work out the likely joint salary on that basis.

Your 14/15 income would be more than £2500 lower than your 13/14 income, which would mean your tax credits in 14/15 would be based on your 14/15 income plus £2500, eg if it was £28,000 your tax credits would be based on £30,500, this would get you about £15pw with 2 children and about £67 when the third came along, both not including childcare (add 70% of the childcare cost you claim through tax credits - limit £300pw).

Entitledto should give you a reasonably accurate answer if you just pretend you're looking at this year not next, it wouldn't be completely accurate because there'll probably be some minor increases in the elements next year (not announced yet).

BTW ignore all the judgemental rubbish, suggest you hit the Report button. The mods here are quite good at getting rid of it.

Wonderingaboutno3

zagfles wrote: »

Tax credits disregard the first £100pw of maternity pay, so you'd need to work out the likely joint salary on that basis.

Your 14/15 income would be more than £2500 lower than your 13/14 income, which would mean your tax credits in 14/15 would be based on your 14/15 income plus £2500, eg if it was £28,000 your tax credits would be based on £30,500, this would get you about £15pw with 2 children and about £67 when the third came along, both not including childcare (add 70% of the childcare cost you claim through tax credits - limit £300pw).

Entitledto should give you a reasonably accurate answer if you just pretend you're looking at this year not next, it wouldn't be completely accurate because there'll probably be some minor increases in the elements next year (not announced yet).

BTW ignore all the judgemental rubbish, suggest you hit the Report button. The mods here are quite good at getting rid of it.

Thank you very much - it's genuinely appreciated.
Its all still an oblivion to us since we utilized our own savings and income to fund baby number 1 & 2 and sadly only had to look to child care after losing a parent to cancer. Hense me only going back to 12/13 when we first started with TC/CTC/WTc or however it's abrieviated - seems I rattled a few cages relaying it incorrectly.

So as things would be slightly different this time round, I thought I may get some help here after being recommended.

Thanks again Zagfles!