What benefits should I look at after redundancy

m4rkh

Hi there everyone - I am a newbie so please be gentle!

After nearly 17 years with the same company, my position was made redundant and I left during December.

I have made a claim for Job Seekers Allowance - and been to the Job Centre a couple of times - this claim has been approved.

I have been advised that all other benefits are means tested, but I am keen to know what you guys think we should be looking at, if anything. Below is a fairly accurate overview of finances and family situ.

My partner works 24 hours per week, earning roughly 19.5k per year. I am currently seeking employment (per above). No significant savings - other than my redundancy payment received (c.25k). 2 kids - so receiving child benefit. House is owned but mortgaged.

Is there anything you guys think I should be looking at?

Many thanks in anticipation.

M

Indie_Kid

Your partners income would be too high for most benefits. May get a small amount of child tax credits though.

bloolagoon

You won't get TC until April

m4rkh

Thanks sh1305

We have paid childcare costs for last 9 years or so, but have given notice to the childminder considering I am not working, so future childcare costs should be nil - do you think this will make a difference?

Thanks

Mark

Indie_Kid

It will do, yes.

m4rkh

would it be better to keep the childminder on then in that case, as ideally we don't want the kids to lose their places.... not sure what percentage of childcare costs can be claimed back.

bloolagoon

m4rkh wrote: »

would it be better to keep the childminder on then in that case, as ideally we don't want the kids to lose their places.... not sure what percentage of childcare costs can be claimed back.

Sadly TC use annual figures (not monthly).

So add your salary to date, then your wife's salary.

This annual salary is used for tax credits.

If you keep childcare they will use the annual figure to calculate JAN - APR entitlement.

The maximum is 70% but it tapers with income, you can use one of the calculators but if your income is much higher than £40,000 combined it won't give much if anything and you will need to pay 30% at a minimum.

I've been in your position and was horrified at the little help we got. Like you we had some money but even if you had zero in the bank they use the yearly figure.

Caz3121

m4rkh wrote: »

would it be better to keep the childminder on then in that case, as ideally we don't want the kids to lose their places.... not sure what percentage of childcare costs can be claimed back.

Whilst you are not working you are not entitled to any help with childcare costs (both need to be working 16 hours+) when you are back working they will pay up to 70%
there are some tables here to give a guide
http://www.hmrc.gov.uk/taxcredits/people-advise-others/entitlement-tables/work-and-child/work-pay-childcare.htm

m4rkh

Thanks for the replies guys. So what we are saying is that because I earned a lot last year, then we will get nothing this year, and as I have worked nearly a full year this year, I will get nothing next year - even though I may be out of work after April? Seems a tad unusual? Why can't these things be done in real time - ie you are not earning NOW, so therefore are entitled to these benefits NOW?

nannytone_2

cpme april. yjru will assess you on the previous years income..
when you get the zero award you can phone them with an actual estimates income and they will pay accordingly

ermine

m4rkh wrote: »

So what we are saying is that because I earned a lot last year, then we will get nothing this year, and as I have worked nearly a full year this year, I will get nothing next year - even though I may be out of work after April? Seems a tad unusual? Why can't these things be done in real time - ie you are not earning NOW, so therefore are entitled to these benefits NOW?

In all fairness you do have the redundancy payment which corresponds to the mean annual household income in the UK, and you should be getting your contributions based JSA for six months as of redundancy which should take you to April

I think after you've filled in your TC form and get nutted for having earned too much you can appeal based on the change in circumstances. 25 k should be able to carry you for four/five months, no? These other benefits are means tested, and you do appear to have significant means, though I believe capital is not taken into account for tax credits...