Benefit advice please - Redundancy!

littlemissworried

Hi all

My husband has just been made redundant... we currently receive child tax credits, I am aware that we need to contact the HMRC to tell them our current circumstances have changed but I'm concerned that due to my husbands redundancy payout child benefit will stop?

We are hoping to use the money to clear debt so in theory we will be worse off as we won't have an income until he finds another job.

Also if my husband was successful in finding a job but his salary is a lot less, come tax renewals will they only take April 13/April 14 into account and not our current situation?

Hope someone can help please?

Thanks x

bloolagoon

How much is his redundancy payout that isn't "redundancy" and subject to tax and NI.

Will this take you over the annual limit.

littlemissworried

Thank you both for posting

His redundancy is £8900 tax free and £4100 will be taxed and NI, think its 3 months gardeners leave

Thanks

bloolagoon

littlemissworried wrote: »

Thank you both for posting

His redundancy is £8900 tax free and £4100 will be taxed and NI, think its 3 months gardeners leave

Thanks

You need to add his taxable redundancy plus garden leave to his annual to date. It's this total that will depend on what happens.

littlemissworried

Sorry if I sound a little blonde but...

When renewing in April they will ONLY take into account our income for April 13/April 15 and not our estimated income for the coming year?

bloolagoon

Be aware if you go over the limit. If his PAYE, redundancy and garden leave go over the threshold for the year £26,000 for 1 child. You will have to pay it all back if over disregard.

littlemissworried

bloolagoon wrote: »

Be aware if you go over the limit. If his PAYE, redundancy and garden leave go over the threshold for the year £26,000 for 1 child. You will have to pay it all back if over disregard.

Bloolagoon do you know how much it is for 2 children please?