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Tax credits and returning to work full time.. so scared!!

wishies_x
Posts: 93 Forumite
Hey everyone,
I went part time after having my two little monkeys and have been dithering about returning full time for a couple of years but I have been so scared about oweing HMRC and paying back all our tax credits!
We are struggling financially so it's a definite and I am due to return to full time in September/October. We are currently receiving £300 per month which is mostly the childcare element of tax credits am I right in thinking that I will now have to pay all that back going back to April this year?
I will be increasing my salary by about £12,000 and my husband has had the oppurtunity for some overtime and due to us struggling so much he has taken it, he is probably going to earn another £2000 extra up until April. Our combined salary's will probably be around £47500 when it all happens.
I am so scared that me returning to work is not going to be beneficial at all as we are going to have to pay everything back :(I feel like I should have just waited til next April but I just want to stop relying on them. Also because I know it is going to happen, do I ask they stop payments now even though I will still be paying for childcare until September on a part time wage as my increase wont happen for couple of months? We would be £600 down a month and really don't think we would cope I'm just so scared about paying £1000's back
.
My kiddies will all be getting free childcare come september so I assume we won't be getting a penny from TC and to be honest wouldn't expect to on our wages, so how will they expdect all these £1000's back? I'm so stressed!
I would ring them but my monkeys are being really monkeyish today so I have no chance of trying to have a grown up conversation! haha
Thank you for listening xx
I went part time after having my two little monkeys and have been dithering about returning full time for a couple of years but I have been so scared about oweing HMRC and paying back all our tax credits!
We are struggling financially so it's a definite and I am due to return to full time in September/October. We are currently receiving £300 per month which is mostly the childcare element of tax credits am I right in thinking that I will now have to pay all that back going back to April this year?
I will be increasing my salary by about £12,000 and my husband has had the oppurtunity for some overtime and due to us struggling so much he has taken it, he is probably going to earn another £2000 extra up until April. Our combined salary's will probably be around £47500 when it all happens.
I am so scared that me returning to work is not going to be beneficial at all as we are going to have to pay everything back :(I feel like I should have just waited til next April but I just want to stop relying on them. Also because I know it is going to happen, do I ask they stop payments now even though I will still be paying for childcare until September on a part time wage as my increase wont happen for couple of months? We would be £600 down a month and really don't think we would cope I'm just so scared about paying £1000's back

My kiddies will all be getting free childcare come september so I assume we won't be getting a penny from TC and to be honest wouldn't expect to on our wages, so how will they expdect all these £1000's back? I'm so stressed!
I would ring them but my monkeys are being really monkeyish today so I have no chance of trying to have a grown up conversation! haha
Thank you for listening xx
2017 wins so far: Diddly squat 
Make £10 a day in February - £16.05/£280

Make £10 a day in February - £16.05/£280
0
Comments
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You can call them at anytime to change your estimated income for this tax year.0
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To add, if you can give more specifics about your claim I can do a calculation for you.
How many hours do you both work?
How many hours will you work once changed?
What are your childcare costs?
What was last year's household income?0 -
I know, if I rung and they stopped the payments now I still have two months of childcare left on my part time wage and I wouldn't be able to pay it as we are struggling hence why I am going full time, but I know every penny they give me I am going to have to pay back. I just don't what to do for the best
I work 17.5, husband works 37
Once I go full time we will both work 37
Childcare costs now: £64 a week (Once I am full time they will also be in free childcare so these will be 0.
Last years house hold income was:£27610
Thank you for your help xx2017 wins so far: Diddly squat
Make £10 a day in February - £16.05/£2800 -
It is likely that you'll need to pay back all tax credits you've had since April until you update the change.
However as your household income is increasing this year by £20,000 it would seem you won't be worse off.0 -
Thank you for your help
I am trying to sweet talk the grandparents into having her so at least I will be paying half price for her and I will ring them asap. Do I start paying back from April next year when they do the final award notice or will my repayment be expected straight away?
Thanks again xx2017 wins so far: Diddly squat
Make £10 a day in February - £16.05/£2800 -
Thank you for your help
I am trying to sweet talk the grandparents into having her so at least I will be paying half price for her and I will ring them asap. Do I start paying back from April next year when they do the final award notice or will my repayment be expected straight away?
Thanks again xx
https://www.gov.uk/tax-credits-overpayments/repay-your-tax-credits0
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