Income falling by £70k - how do I claim tax credits?

Nomad25

ok meester come clean and put us out of our misery!

flowerscotland

NAF wrote: »

I don't think he is a troll but I offered what I thought was decent advice and got no recognition for it while those who are getting uppity at what he is doing DID get recognition. I'm not concerned with who is morally right on this. The only people who will be able to decide for sure what he is entitled to are the HMRC (Stifle that laughter). Best laying everything on the table with the HMRC and let them be the ones who decide whether it is legal or not.

I do hope he will come back and update us :rotfl:

nottslass_2

meester wrote: »

I think you'll find that you are not paying to educate my children, because one is a baby and the other is private school. State schools don't provide adequate education any more, so I'm paying for a proper education to ensure that my kids are productive and successful themselves in the future. I paid in direct taxation about £25k this year, and when I needed the NHS recently I had to pay for that as well because they wanted me to wait for months.
quote]

Are you planning on using the state education system ? after all you're hardly going to be able to afford to send your child to private school anymore, also l hope that your health problems are now resolved as you'll have difficulty in affording to pay for private health care on an income of 11k.
Perhaps if there were less people legally avoiding paying tax and subsequently claiming benefits on this basis, there would be more money left in the pot to provide an adequate education for all.

Nomad25

Agreed nottslass, but by the same measure if there were less people legally [but unnecessarily] claiming benefits, there'd be even more in the pot.

meester

nottslass wrote: »

meester wrote: »

I think you'll find that you are not paying to educate my children, because one is a baby and the other is private school. State schools don't provide adequate education any more, so I'm paying for a proper education to ensure that my kids are productive and successful themselves in the future. I paid in direct taxation about £25k this year, and when I needed the NHS recently I had to pay for that as well because they wanted me to wait for months.

Are you planning on using the state education system ? after all you're hardly going to be able to afford to send your child to private school anymore, also l hope that your health problems are now resolved as you'll have difficulty in affording to pay for private health care on an income of 11k.

Yes but I have savings. And when I wind the company up in two or three years time, all the money left in it is paid out as a capital gain (not income). So no, I won't have a problem paying for these things.

Perhaps if there were less people legally avoiding paying tax and subsequently claiming benefits on this basis, there would be more money left in the pot to provide an adequate education for all.

The government has doubled spending on NHS but output has only increased by a tiny amount. Equally in education - they say that state school teachers are actually better, because they need to be. In private schools, you pay for motivated parents that care about their children, zero tolerance of poor behaviour, and just general efficiency of result. This doesn't really cost money, but the state sector can't provide it. How is spending more money going to stop kids from feeling that it is appropriate taking knives to school????

meester

flowerscotland wrote: »

i thought tax credits were for people on a low income in NEED

the op doesnt sound like hes in much need when hes the director of a company and sends his children to boarding school as mainstream school is no longer 'adequate' :mad: :mad: :mad: :mad: :mad:

day school not boarding. I like my kids, don't want to send them away for months at a time.

meester

autismmum wrote: »

this thread is very sad, i am so grateful for any government help, i paid my taxes when young single and healthy, now as a mum of two disabled boys and with fibromyalgia myself too,
i am so grateful that my hubbys 13k is topped up, we have been able to buy and almost pay off a semi in the country and both have 07 cars, we saved hard. the gov helps us with money for the boys and we used that for horse ridding and private school part time, we cant believe that the tax credits can be of such help to our family and that other people can be so mean as to purposly put them selves in a position as to need them.

Don't you think it is a bit unreasonable criticising me? You are telling me the government has helped pay for two brand new cars, horse riding, and private schooling. You don't NEED two brand new cars. I'm sure you don't want me to tell you that, but then why are you criticising me when you are in that position???

meester

NAF wrote: »

I don't think he is a troll but I offered what I thought was decent advice and got no recognition for it while those who are getting uppity at what he is doing DID get recognition. I'm not concerned with who is morally right on this. The only people who will be able to decide for sure what he is entitled to are the HMRC (Stifle that laughter). Best laying everything on the table with the HMRC and let them be the ones who decide whether it is legal or not.

I did read your advice, which was what I believed, but I was hoping someone would have some concrete experience of what constitutes income deprivation, as there doesn't seem to b e anything online to define it.

I would rather get a real-world experience before getting an answer from HMRC (which might or might not be correct first time).

autismmum

well our little home is in the country and only cost us 64k we save half of what comes in to the home, its a way our dads taught us, to have a simple life, my poor son is so ill that he cant attend school and is expected to not bother learning, so we pay 4k a year for help partime, both our skodas cost 14k together, hmmm and riding is 10 per week. am i bad.... we dont go out, smoke, drink or do much except walk the dogs at the weekend and read the papers. we save and try hard to do the best we can on the money we have. there are not pots of savings as such just trust funds for the kids , after all when we are gone there is nothing and no one to help our boys. we save and are gratefull for all the help we have recieved.

Poodlecrazy

Although I don't have any direct experience of income deprivation, I would certainly tread carefully. I suspect a lot of factors would come into play such as how much choice you and your wife personally get in relation to the dividend distributed i.e. do you hold majority on the board? I would imagine HMRC could also look into company profits and expenses in relation to the declared dividend in each year to spot any obvious issues.

It is worth noting though that savings are used to calculate your entitlement too so this may have an effect. Try going to http://www.entitledto.co.uk/ to see your entitlement.

P