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Redundancy and tax credits for wife
Squiffy
Posts: 173 Forumite
I'm being made redundant (today). I've read the FAQs, and it seems that I'm not able to claim any benefits for the period covered by my payment in lieu of notice.
My wife works part time. Previously our combined income meant that we did not qualify for any benefits. However, now that I am no longer earning, does this mean we could now apply for tax credits for her income? We have three kids - one at school, and two in nursery (on the days she works).
Any help much appreciated.
My wife works part time. Previously our combined income meant that we did not qualify for any benefits. However, now that I am no longer earning, does this mean we could now apply for tax credits for her income? We have three kids - one at school, and two in nursery (on the days she works).
Any help much appreciated.
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Comments
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You are almost certainly already eligible for tax credits (given that you have kids). If you have previously been on more than £58K a year then your award would be tapered to zero (you would be eligible but not entitled). But less than that and you would get some money.
But because your income is going to change this year, get an application in now. It may come back as zero in the first instance, but once you're through your 'in lieu' period you can report an income change and it will be backdated all the way back to April. If you wait until your income drops to apply, it will only be backdated 3 months.
As for other benefits, not my area of knowledge, but I'm sure it would help others if you could say a bit about your income etc.
If you want to see how much tax credits you might be entitled to check www.entitledto.co.uk
irs0 -
You may not be entitled to any financial Benefit today, but you MUST sign on anyway - for NI credits, you may be entitled to accellerated access to training, the ADF etc...0
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OK, signed on for NI credits. I'm not eligible for anything else until the period of my notice pay expires.
Thanks for the responses.
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Squiffy
Don't know if my post was clear enough, but to reiterate, if your total joint income for 2005-06 is going to be (or there is a possibility of it being) less than £58k, apply for tax credits now. Don't wait for your notice period to expire.
irs0
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