calculator says I'm entitled to nothing?! Very confused please HELP.

missymoo81

Hmmm Very stuck, my OH is quite likely going to be made redundant soon, :eek::eek::eek::eek::eek: so I've been freaking out, and trying to do some hefty calculations to see what we're entitled to, as I am absolutely panicking about it.
I'm shocked at what the benefits calculator came up with and I'm hoping someone can shed a little light.

Basically, it says no matter how little or much I work, I'm not entitled to anything, no tax credits or child benefit or anything (except job seekers for OH I'm assuming) as OH earned too much last tax year?! I work part time, and its obviously not enough to pay all bills, mortgage, and feed a family of 4. Is it right that I can't claim a penny until next tax year? I have a feeling as OH has earned for some of this tax year that he would have earned too much again. I'm freaking out a bit as I don't know how we'd live?!

Id be very grateful if anyone could give me some idea if I'm right or wrong.

Thanks so much,

Missy

missymoo81

blondebubbles wrote: »

It really depends on your circumstances.

How old are you both?
How many hours do you work? How many does he currently work?
Any childcare costs?
Anyone in the household with disabilities?
What was last year's income?
What would you estimate for this year?

hey blonde bubbles, thanks my dear

Me and OH are in our thirties.

I work between 15-21 hours a week
no nursery fees at present but will have when May is 2.5 in Nov.
Children are 2 and 3
no disabilities
last years income for OH was about 47k as works Offshore
Not sure on this year.

Sorry my head is all over the place. Thanks so much for posting x

missymoo81

wow blondebubbles, you're amazing. thank you

what is the threshold for child benefit as I thought it was about £50k and with my wages we earn above that?

And thank you so much for the advice re childcare etc, I really struggle to see how we'll live, I appreciate we've earned a lot of money in the past, but obv we had no idea that it was going to end so suddenly, hence the difficulties in trying to see how we'd cope now. I've taken some big steps into changing our living habits already, and have a thread on here documenting my spends, really trying to spend as little as possible.

Any advice on what i can do to make things easier Id appreciate any ideas.

Thanks again

stevemLS

Do you have any idea what sort of redundancy pay he might get (if any)?

Might that tide you over for a bit?

What are his prospects of finding alternative work within a reasonable timescale?

cte1111

The child benefit threshold is based on the higher earner's salary only. If one (or both) of the couple earns over £50,000 or more, then Child Benefit is reduced or nil.

If both parents earn below the higher rate tax band, then full Child Benefit is currently payable.

https://www.gov.uk/child-benefit/overview

missymoo81

Thanks lovelies, so appreciate your in out. Just dug out OHs pay slips, he's nothing if not organised! i know we've never got child benefit, and I was assuming OHs wages were still around £47k from before we had kids, but his last tax year pay slips add up to £51,235, that's why we won't have got it then, !!!!!! !!!!!!, i was excited for a moment! It's hard as OH has always earned the most moeny and he's super organised ive let him deal with all the finances. But he's away so I'm doing all the research.

Unfortunately OHs job is really specialiSed so would be really tricky for him to get another job, have put some feelers out but it seems so many people are in the same boat

I could work full time, the trouble I have is that I currently work 15 mins bike ride from home, so no travel parking costs and am on quite a high hourly rate, although not too many hours.Have done some research and jobs are paying around 2/3rds of my hourly rate and are in the city so 30-45 min commute and around £5-£10 Parking charges on top of petrol Cost.
They haven't givrn too much of an indication of redundancy payouts, apart from they're the minimum they can get away with.

Thanks again for posting it is comforting there are people out there with info and ideas to help x

bloolagoon

missymoo81 wrote: »

wow blondebubbles, you're amazing. thank you

what is the threshold for child benefit as I thought it was about £50k and with my wages we earn above that?

And thank you so much for the advice re childcare etc, I really struggle to see how we'll live, I appreciate we've earned a lot of money in the past, but obv we had no idea that it was going to end so suddenly, hence the difficulties in trying to see how we'd cope now. I've taken some big steps into changing our living habits already, and have a thread on here documenting my spends, really trying to spend as little as possible.

Any advice on what i can do to make things easier Id appreciate any ideas.

Thanks again

Been in your shoes and it's hard. I still remember the feeling of shock at a part time wage being all you get.

Can you increase your hours?
Can you get a mortgage holiday?
Can he do agency/consultancy work?

missymoo81

bloolagoon wrote: »

Been in your shoes and it's hard. I still remember the feeling of shock at a part time wage being all you get.

Can you increase your hours?
Can you get a mortgage holiday?
Can he do agency/consultancy work?

Thanks lovely, oh no poor you, how did you get through it? I could hopefully do some more hours, although last VAT return the company lost money for the quarter?! Although I am maxed out and could do with the extra hours, I'm not sure the company can stretch to it. No, no mortgage holiday apparently . Honestly I'm so confused, there's jus so much to think about. oH will def try to get some agency work, he'll hate not working. To be honest I'm sure he'd do anything if needs be but, it's tricky as he'll be my childcare for when I work.

Making a list of things we can sell. I think I would be able to pay the bills on my wage, just! If we could sell enough to pay the mortgage for as long as possible would be the best thing to do I think. I desperately want to try and keep the house, OH built it and it means a lot.

missymoo81

Ah thanks blondebubbles. OHs uncle does his accounts and hasn't mentioned this. Will speak with him! Thank you.

merlin68

He would get contributions based jsa for six months which is £73 a week.

NYM

Does he have any income protection insurance ?