Tax Credits Estimate - Preparing for new baby

Options
Hi All,

I am expecting a baby in October this year and I am trying to work out roughly my finances.
I find tax credits so confusing! I have just used the calculator but it only gave me what I could expect this tax year...
This is my situation...
I work 30 hours a week. Gross income £14.7k
Partner works 40 hours a week. Gross income £24k
We have a daughter who will have started school by the time baby arrives. She is currently at nursery for 35 hours a week, we receive no benefits at the moment.
I will return to work between May and August 2016 after maternity leave.
When I return to work the baby will go to nursery for 35 hours a week. Which will cost approx. £140 a week.

Can someone advise me if we will receive any tax credits this time (now we have 2 children)? If so, approx. how much?

Thanks for anyone's help in advance! :beer:
Emily

Comments

  • Darksparkle
    Darksparkle Posts: 5,465 Forumite
    Options
    I assume you mean maternity will end May to August 2017?

    What tax credits you will be entitled to when the 2nd child is born will depend on your income for be tax year 2016/17.

    How much you will be entitled to when you return to work and have childcare will depend on the income for 2017/18.

    However it will also depend on whether any tax credits rules/conditions have changed by then which we cannot predict.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards