Single salary household question

DigForVictory

Bear in mind the NI credits only last til the child is 12 - at which point you may want to rearrange your times & finances a bit.
A while ahead, but worth keeping an eye on.

paddedjohn

Slinky wrote: »

I think the non-working person can transfer £1000 of their tax-free allowance to the working person if that person is a spouse/civil partner.

Worth about £4 a week.

Mrs_Soup

If one of your stops working mid tax year then that person may get a refund of any tax already paid that year which is easy to arrange by contacting HMRC.

zagfles

Slinky wrote: »

I think the non-working person can transfer £1000 of their tax-free allowance to the working person if that person is a spouse/civil partner.

Oooh yes forgot about that! Good point.

somethingcorporate

paddedjohn wrote: »

Worth about £4 a week.

£200 a year for not much effort, seems worth it to me!

Comms69

RichardD1970 wrote: »

Unfortunately this sort of thing isn't taught in school.

In conversations with my teenage kids about how tax/loans/credit cards etc works, they have said "why aren't we taught about this stuff, it would actually be helpful rather than all the rubbish we have to learn".

I agree totally actually. I just thought this was actually taught, I know plenty of other things aren't. It's just shocking!

Detroit

sleepysocks wrote: »

Thanks for that Comms69...I've come here for advice, not judgment. I wasn't taught any of this at school or by my parents, but rather than do absolutely nothing about it like a lot of people, I'm doing what I can to catch up. I appreciate it might have seemed like a stupid question but still.

Thank you to everyone who has helped me on this thread.

All of us have something we know absolutely nothing about.

There's some useful basic information on how tax works on https://www.gov.uk. do I need to pay tax? The site is good for general information on a number of those things they don't teach us in school but somehow we need to know! As is https://www.adviceguide.org.uk the citizens advice site.

jobbingmusician

sleepysocks wrote: »

Thanks for that Comms69...I've come here for advice, not judgment. I wasn't taught any of this at school or by my parents, but rather than do absolutely nothing about it like a lot of people, I'm doing what I can to catch up. I appreciate it might have seemed like a stupid question but still.

Thank you to everyone who has helped me on this thread.

I would like to thank you for asking, and for being clear about the things you were confused about. It's threads like this one which are invaluable to the board. You will never know how many other people read your thread and learn from it - but I am sure there will be loads! :beer: