Better off working part time, help needed!

jimbo2010

Hi bit of advice really as wife due to start back work soon and looking at the figures it may be better both going part time.

Currently when my wife goes back our annual income for 2014-2015 would be £25,788.14 (this is after pension and CC vouchers taken off at source) and CC costs would be £720 PM based on me working 37 hrs and wife working 30 pw.

We would need to find £68.00 pw to cover the remaining CC as we would both get vouchers from work but our tax credits would cover this shortfall.

However when doing the calcs online if i dropped my hours to 32 and wife dropped her's to 21 pw our annual income for 14-15 would be £24,950.31 and we would need to pay £400 pw for CC costs but our tax credits per week would be £128.00 based on calc on family investments.

This would cover our CC and also the difference in disposable income would be £200 pm extra if we both went part time.

Bit confused as does this seem right and do you think it would be worth doing as we would be working basically to pay CC if we dont change anything

jimbo2010

hi we have 2 kids, 3 and 1 and yes i meant per month, lol

jimbo2010

13-14 will be about £27000 and not sure if will use cc vouchers as would we be better off

jimbo2010

if we went part time can you not use the 14-15 estimate figures of £24,950.31 or is that not allowed

jimbo2010

oh ok i thought the disregard was only if you informed them of changes during the year as we was going to wait till renewal