Big salary drop... entitled to Tax Credits from October?

productof80s

"The OP above is right. This year itll be based on last years income but can alter if the drop is significantly less. However you will get an award as the OP states based on your end of year earnings for this year which will be a mixture of your higher and lower salary and your partner's income from Oct so will likely be around the £25 a week the OP states. From next April you would get the £49 a week."

I think I get what you are saying, but based on the above post it looked like £25 a week until next April?

I have worked since I left school and are changing jobs for family reasons above anything else.

shop-to-drop

Another baby on the way should be a time to do all you can to step up your earning potential. It does seem strange and possibly career suicide to be planning to reduce your employment as your family grows.

Hope your reason for doing so is more than 'wanting to spend more time with the family'. Having lots of extra time with the children is a luxury for one parent let alone for both parents.

Caz3121

productof80s wrote: »

I think I get what you are saying, but based on the above post it looked like £25 a week until next April?

I have worked since I left school and are changing jobs for family reasons above anything else.

Those figures were based before you stated you were not changing jobs till November. It looks likely you will receive no tax credits until April 2015 and then it is likely to be around £28 per week (if they rates stay the same as this year and your income does not increase)

productof80s

Thank you Caz, makes perfect sense:)

productof80s

Hello all,

Thank you for your help so far.

Based on all the posts I have given we will not be entitled to any TX this year. In terms of receiving some from April 2015, when would be the best time to apply in order to receive them from April 2015?

1. Apply when I know when starting job (Should be no more than two weeks)?

2. Apply at the end of January '15? (two months processing time)

Regards,

BW

Suarez

shop-to-drop wrote: »

Hope your reason for doing so is more than 'wanting to spend more time with the family'. Having lots of extra time with the children is a luxury for one parent let alone for both parents.

Give them a break. At least they are working and contributing tax and NI (and have been for a number of years).

I'd rather people work part time and claim tax credits than sit at home 7 days a week watching Jeremy Kyle claiming everything under the sun.