New Baby

marco_79

Hi

My wife and I are trying for a baby and when it comes she would like to give up work and be a full time mum for the first couple of years at least.

I earn £35,000 a year, but we have a big mortgage due to current house prices. We have worked out we can manage although it maybe a little tight.

I was wondering would we entitled to any benefits, tax reductions etc.

Any info much appreciated.

Thanks

Maddie

Hi marco
You would probably be better to put this on the 'Benefits, Tax Credits and Jobseeking' board, Im sure somebody will be able to help you there.
Maddie

marco_79

Cheers madie will try there

Spendless

Hi Marco

you will receive child benefit which is £16.05 a week) (for the eldest child- it is a lower amount for your subsequent children)

you will also receive CTC (child Tax credit) of £1090 a year (roughly £20.90) a week until your child is 1 year old. After this it will reduce to £545 (£10.40) per year.


The reason is once your income hits £25,000 it makes no difference whether you have 1,2 or 3 kids you receive the amount i've mentioned above.

Does your wife work? She will probably be due maternity pay? It changed shortly after i had my daughter last year so i'm not sure of entitlement. Somewhere like the Maternity Alliance could advise.

Best Wishes

marco_79

Cheers Spendless sorry for not replying sooner.

My wife is in full time work and is entitled to maternity pay although we are not sure what will happen if she decides to stop working after the six months is finished.

Marco

AfternoonTea

Hi Marco

After the 6 months SMP has finished your wife should be entitled to another 6 months leave , but unpaid

Good luck

Lillibet_2

HI Marco-79

My Hubby & I have just started trying for our first baby (watch this space for how long it takes!)
I don't have anything to add re benefits etc as I am also on a learning curve here, if anyone can build on the earlier info as my hubby only earns just over £21 k per annum I'd appricate it though.
Anyway, what I wanted to add was, it is my understanding that it is best for your wife not to formally resign from her job until after her maternity pay has ended and after her unpaid maternity leave begins as she will be entitled to her full months (or notice periods) salary. This effectively gives her an extra months maternity leave at full pay! If she resigns durign her maternity pay time she will only get her maternity pay OR months salary for her final month. Also remember holiday entitlement accrues during maternity leave so she should be entiled to pay for unused annual leave too.
If I am wrong please could someone correct me?
Cheers & good luck

sheenagh_2

How exciting, lots of new babies!

Lilibet as well as the other benefits mentioned you could try Working families tax credit, you may be entitled to something. I would suggest you go to your local citizens advice bureau they have up to date information for free. They can be contacted on-line as well.

Check out the other threads on benefits and babies many shops used to give freebies when I had mine (Asda, sainsburys and tesco).

I do not know if this is possible but I wonder if you have a flexible mortgage or could negoiate with your lender. Along the lines of reduce my payments for 5 years please or I will look elsewhere, I guess it would mean you would be locked in but it might be worth a try.

Anyway good luck and have lots of fun!