paymenys help

wellsy07

Hi, I need help so any advice is much appreciated.

We have 2 children aged 2 and 6 months,
Currently were getting £263 per month child tax, my fiancee
Is on maternity but going back to work 22nd September.
She was originally full time, then 16 hours, and will now
Due to the fact of we cant afford childcare have to drop again
she's been offered(and accepted) 8 hours at current job

In a nutshell her wage, our overall income is taking a hit from
what it was, hers being 2.9k a year from September, mine 17.5k(before tax)

So approx 20.4kjoint, from what it was 23.3k before maternity started.
As many others we have bills , aside from the usual
We have a loan which bleeds us 238 a month 4 year's remaining

Iv tried to get my head round the revenues website, and
Looking at the calculator , iv read it as to earn below 20k, so 400ish
Less, we would be better off if she worked only 7 hours a week?

I need help understanding, im panicing and losing sleep,
Thanks in advance

Caz3121

tax credits are based on full tax years; what was your total income 13/14 tax year (£100 per week can be deducted from maternity pat) and also your estimated total income for 14/15

nannytone_2

by dropping her hours to under 16, you may actually be worse off, even taking into account the extra childcare.
if she works 16 hours, you will get a good percentage of the childcare paid.
y working 8 hours, you have it pay it all yourselves

wellsy07

Thank you for the replies
As far as I'm aware we dont qualify for childcare costs help,
So the only way to have her in a job is by doing 2 evenings of 4 hours as thers limited People who can help look after the kids on the crossover while she starts work as I'm finishing : (
I saw on the calculator that household income upto
20k is something Like 6050 spread over a year, as opposed to
4.415k when earning just over that figure, ir have I been overlooking
The figures?
Her monthly wage is going to be £243 a month
Mine is 1270 (1500 before deductions)

I guess what my question is, the £169 difference from her maternity
Wage of 412 a month to the 243, will the current benifits of 263 a month
Go up any to lessen the gap.
I havent needed to ask for help like this before but I can only see
Iceberg at the momment and no lightbulb momment to avoid.

Any help you all give is much appreciated for your time and effort.

wellsy07

2013/14 £21868 maternity leave from November until march

Est this year £20048 minusing maternity allowance
Of 100 a week from April to next month

The differences above is all from my partners income change

dodger1

I see no reason based on your income why you wouldn't get help with your childcare costs as long as your wife goes back to the 16 hours,, scroll down to Step 1,

http://www.moneysavingexpert.com/family/childcare-costs#step1

wellsy07

thank you all for the helpful answers and taking the time to even bother replying,
dodger, that link alone has possibly just turned the whole situation on its head in the right direction,
this is why I turned to here as people have knowledge that can sometimes help someone who is feeling the walls coming in,


already got the Mrs to contact work who are going to allow and discuss 16 hours, which had now opened a can of worms with finding a child carer that A) is trustworthy with my children......which is going to be a experience lol
b) one that is affordable to whatever we might be entitled too(once I can get through to the revenue its impossible to call as there is "industrial action"