Tax question!

Hi girls,

Wondering if anyone could help!

I'm due to have my baby anyday! I love my job and planned on going back part time (20) hours in april! Today - was offered a promotion but it does mean me going back full time!

I'm in 2 minds what to do!

Part of me is thinking that it will boost our finances by ??700 a month and I can just about pick and choose my own hours! We will only need one day of childcare as family will help and OH and I will work our hours around each other!

My question is does the amount of money you can earn before tax go up once you've had a baby and will we be able to have help for the childcare even if it's for only 1 day a week?

Between the 2 of us we will ear about ??32000 a year, what will we be able to clain in terms of benefits?

Ta in advance for any help!

Becky
Xxx

Posts

  • Hey hun

    No your tax allowance doesn't increase after you have had a baby current tax threshold of being able to earn ??6475 before being taxed still applies.

    You will get ??20 a week child tax credit for the first year of her life then I think it drops to ??11 a week.

    In terms of child care im not so sure, you and hubby earn too much for working tax credits normally but you may qualify for the childcare element of this still. If you fill in this http://taxcredits.hmrc.gov.uk/Qualify/DIQHousehold.aspx it may answer your question.

    Hope your well hun

    xxxx
  • hi we earn about the same as you between us and unless lizzie is in full time child care we get no help at all from tax credits or whatever to help with child are costs. we just get the standard ??20 a month for first year and ??10 a month there after for her in child tax credits x
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