Child tax/working tax credit mine field

princesslea10

Hi

I'm hoping somebody can help me with the following..

My husband and I both work full time. I am pregnant with our first child and will be entitled to SMP from November. We are really going to struggle as after 6 weeks this reverts to about £140.00pw.

I was wondering if there was anything we could claim to help us through this tricky period.

Hubby earns £27,000 pa

I've fortunately never had to claim any kind of benefit so I'm finding all this a bit of a mine field!!

Thanks for any help!

clairec79

Tax credits works on the annual income - so will add your income from April till November onto his wages when determining your entitlement, I suspect you'll be over the cut off to be honest with one child

When our youngest was born we saved during the pregnancy and then I went back to work after 6 months as financially couldn't afford to be off with SMP only for any longer (we didn't have child care to pay though so you do have to weigh that up)

xylophone

https://www.gov.uk/child-benefit/what-youll-get

https://www.gov.uk/tax-credits-calculator

Caz3121

I would work on the assumption that your household income (even hubby's alone) is too high for child tax credits (c£26k cutoff) and working tax credits (c£18k cutoff)
Child benefit will be applicable of around £20 per week

Darksparkle

As caz says, on your husbands income alone you are over the threshold for tax credits (if you return to work and have childcare then you may be entitled if household income is under £41,000).

Are yous in a position to save between now and then to make up for your loss of income?

xylophone

Are yous in a position to save between now and then to make up for your loss of income?

It would appear that the savings are for a house?

https://forums.moneysavingexpert.com/discussion/5659515

My husband and I have been saving for a while, and recently got accepted for a mortgage. We have money in place but are probably about 3 months worth of savings away from getting the property we want. We've viewed an amazing house and really really want to buy it. We're thinking if the purchase of a house roughly takes about 3 months we would be home and dry and would be able to buy our dream home. Also the seller hasn't found any where to live yet so that would give us more time