New job/tax credits
MrsSippi
Posts: 287 Forumite
We are currently claiming tax credits (payments just been reduced again ) as i had to stop work when we had our second child. However she is due to get the 15 free nursery hours in September so I have started job hunting and have recently been successful at getting a position on the NHS bank system. This will be perfect for me as I don't have anyone to help with childcare so it means I can choose when I work and frees me up for school hols/half terms etc.
Anyway, the nature of it is that some weeks i might work 30 hours, other weeks I might not work at all (or anything inbetween really). With this in mind, how do I tackle tax credits? I'm sure this is very similar to if you are self employed and claiming.
Am I best off continuing to claim and then pay back whatever I'm not entitled to at the end of each financial year? The plan is to save whatever I earn so it should still be accessible (I.e. we wouldn't have spent it). I couldn't even begin to guess in advance what my earnings are likely to be.
Any advice would be appreciated
Just thought - is there a minimum wage I have to earn before I declare it or do you have to declare every penny? I'm not trying to fiddle the system or anything, just want to make sure I do it all correctly.
Anyway, the nature of it is that some weeks i might work 30 hours, other weeks I might not work at all (or anything inbetween really). With this in mind, how do I tackle tax credits? I'm sure this is very similar to if you are self employed and claiming.
Am I best off continuing to claim and then pay back whatever I'm not entitled to at the end of each financial year? The plan is to save whatever I earn so it should still be accessible (I.e. we wouldn't have spent it). I couldn't even begin to guess in advance what my earnings are likely to be.
Any advice would be appreciated
Just thought - is there a minimum wage I have to earn before I declare it or do you have to declare every penny? I'm not trying to fiddle the system or anything, just want to make sure I do it all correctly.
0
Comments
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Assuming you have a partner working over 30hrs then the hours you work won't impact on the claim, only any income you receive. You'll be required to estimate your earnings for the year. You can change this estimate at anytime and will then confirm the actual figure at year end.
And yes you need to declare all your earnings.0 -
Darksparkle wrote: »Assuming you have a partner working over 30hrs then the hours you work won't impact on the claim, only any income you receive. You'll be required to estimate your earnings for the year. You can change this estimate at anytime and will then confirm the actual figure at year end.
And yes you need to declare all your earnings.
Thank you for the reply, that's really helpful.0
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