Immoral Angel's Debt Diary - Part 16,342...

JET34

Sorry your feeling down I am sure things will get better . see you have your first party's booked already!
Nobody needs to know what you order with ann summers if I remember correctley there is a envelope type thing also all orders come in black bag things so the hostess doesn't know what you have brought... mind you we all got so !!!!ed we told each other what we brought so it didn't really matter!

immoral_angeluk

Just called the nursery. Apparently the funding is now from the 14th April rather than the 21st which is good news. I've also sorted with the nursery that during the half terms/holidays etc the girls will do just the afternoons for me to do the CAB. Here's how it'd work out.. I think. lol

Mon all afternoon - £9.68 'top up' (using 1 funded sessions) for eldest £18.50 for youngest
tues - Eldest funded session
Weds - eldest funded session
Thurs all afternoon - £9.68 'top up' (using 1 funded session) for eldest £18.50 for youngest
Fri - eldest funded session

Weekly cost - £55.36

and this during holidays/half terms (ie when not funded)

Mon all afternoon - £18 for eldest £18.50 for youngest
tues - n/a
Weds - n/a
Thurs all afternoon - £18.00 for eldest £18.50 for youngest
Fri - n/a

Weekly cost - £73

Still trying to work out what my weekly average cost would be for tax credits though... :undecided

Snaggles

From memory (but do check ) there are about 13 weeks holiday a year, so wouldn't it be something like this:

13 x £73 = £949

39 x £55.36 = £2159.04

Total for 52 weeks = £3108.04

Divided by 52 = £59.77 per week average (tax credits round up to nearest £ so £60 per week).

Keeping_Motivated

Hi I was just wondering if your OHs work did child care vouchers then you would also save on his tax?

Sorry if this has already been mentioned I don't get time to read all your posts.

immoral_angeluk

Keeping_Motivated wrote: »

Hi I was just wondering if your OHs work did child care vouchers then you would also save on his tax?

Sorry if this has already been mentioned I don't get time to read all your posts.

They do but because we're on a low income it's better for us to claim the childcare element of tax credits.

Keeping_Motivated

Can you not do both?

Snaggles

I've read somewhere that childcare vouchers can have an impact on tax credits - you can do both but you have to be careful you don't end up worse off I think.

immoral_angeluk

To be honest tax credits are complicated enough without confusing them even more! lol

Snaggles

Here's the official word from the HMRC website:

Will I be better off accepting childcare vouchers in return for a salary sacrifice or by claiming tax credits help towards my childcare costs?
This will depend upon your individual circumstances. Generally speaking, your family will be better off accepting childcare vouchers in return for a salary sacrifice if you can answer “yes” to one of the following:

• Your eligible childcare costs are more than £175 per week if you have one child or £300 per week if you have two or more children. In this case you will always be better off accepting childcare vouchers to cover your childcare costs above these limits.
• You are receiving tax credits at the family element (£545 per year, or £1090 per year if you have a baby aged under one) or less and you are claiming for your childcare costs.

Your family will generally be worse off or, at best, no better off accepting childcare vouchers in return for a salary sacrifice if you can answer “yes” to both of the following:

• You are receiving tax credits of more than £545 per year (or £1090 per year if you have a baby aged under one) and you are claiming for your childcare costs.
• Your eligible childcare costs are no more than £175 per week if you have one child or £300 per week if you have two or more children.

These are only general pointers and there can be exceptions to these rules. You should always base any decision you make on your particular circumstances.

(Land_of)_Maz

Snaggles wrote: »

Here's the official word from the HMRC website:

Will I be better off accepting childcare vouchers in return for a salary sacrifice or by claiming tax credits help towards my childcare costs?
This will depend upon your individual circumstances. Generally speaking, your family will be better off accepting childcare vouchers in return for a salary sacrifice if you can answer “yes” to one of the following:

• Your eligible childcare costs are more than £175 per week if you have one child or £300 per week if you have two or more children. In this case you will always be better off accepting childcare vouchers to cover your childcare costs above these limits.
• You are receiving tax credits at the family element (£545 per year, or £1090 per year if you have a baby aged under one) or less and you are claiming for your childcare costs.

Your family will generally be worse off or, at best, no better off accepting childcare vouchers in return for a salary sacrifice if you can answer “yes” to both of the following:

• You are receiving tax credits of more than £545 per year (or £1090 per year if you have a baby aged under one) and you are claiming for your childcare costs.
• Your eligible childcare costs are no more than £175 per week if you have one child or £300 per week if you have two or more children.

These are only general pointers and there can be exceptions to these rules. You should always base any decision you make on your particular circumstances.

And in plain english?