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Old Jan 4th, 2012, 02:53 AM   11
superbecks
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Originally Posted by Dinah93 View Post
That really doesn't look right, my DH earns 24,000 and I played with that calculator and when our LO arrives if I didn't return to work we'd be entitled to around 760 a year child tax credit, no working tax credit, and standard child benefit.

Please also be aware that from this April no one earning over 24,000 will be eligible for child tax credit - the idea being exactly this, to make sure no one is better off staying at home than working. Not sure if that is only for new claimants or existing ones though.
Is this right? From what I have seen on the HMRC website it says if you have one child the threshold will now be 26,000 and if you have two or more children its 32,200.



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Old Jan 4th, 2012, 02:55 AM   12
mrsraggle
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Originally Posted by superbecks View Post
Quote:
Originally Posted by Dinah93 View Post
That really doesn't look right, my DH earns 24,000 and I played with that calculator and when our LO arrives if I didn't return to work we'd be entitled to around 760 a year child tax credit, no working tax credit, and standard child benefit.

Please also be aware that from this April no one earning over 24,000 will be eligible for child tax credit - the idea being exactly this, to make sure no one is better off staying at home than working. Not sure if that is only for new claimants or existing ones though.
Is this right? From what I have seen on the HMRC website it says if you have one child the threshold will now be 26,000 and if you have two or more children its 32,200.
Yeah you're right, although they say "might":

Quote:
From 6 April 2012, the income limit for you will depend on your own situation. But as a very rough guide, you might not be able to get Child Tax Credit from 6 April 2012 if:
you have one child, and your annual income is more than around 26,000
you have two children, and your annual income is more than around 32,200



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Old Jan 4th, 2012, 03:19 AM   13
fairy1984
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what are the current thresholds for being eligible for CTC if they're lowering them to that?

sometimes I wish we had been born 10 years earlier as I could be the SAHM I wanted with all the benefits we'd prob qualify for, no talk of taking away child benefit and house prices more affordable (sorry just a sidetrack)

hope you get a straight answer on what you'll be entitled to as its so hard to budget without knowing exactly what you're entitled to



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Old Jan 4th, 2012, 03:29 AM   14
mrsraggle
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Originally Posted by fairy1984 View Post
what are the current thresholds for being eligible for CTC if they're lowering them to that?

sometimes I wish we had been born 10 years earlier as I could be the SAHM I wanted with all the benefits we'd prob qualify for, no talk of taking away child benefit and house prices more affordable (sorry just a sidetrack)

hope you get a straight answer on what you'll be entitled to as its so hard to budget without knowing exactly what you're entitled to
Website says: At the moment, you can usually get some Child Tax Credit, as long as your income is not over the limit of 41,300.

Quite a significant drop really.

It's so hard to know what to do... I quite like my job but obviously if working leaves us no better off then I'd rather stay at home with my children until they go to school!



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Old Jan 4th, 2012, 06:08 AM   15
fairy1984
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wow that is a significant drop. some people will find it really hard.

the thing i keep thinking of is weighing up if i'd be able to get another job paying me a similar amount when my children go to school. if I thought i could then i'd seriously look into trying to generate another source of income (small business/childminding etc) so i could be a SAHM until going back to employment when children were at school.

but, I think i have a good set up a the moment (i work 3 days per week and can work from home when i want) so its hard to give that up as no employer would offer that to a new employee (i had to negotiate after having my last baby to the terms i have at the moment).



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Old Jan 6th, 2012, 06:38 AM   16
oliviarose
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I very much doubt that the figure you have is right.

We are a family with two children and an anual income of around 28,000 and we get 80.66 pw and this has childcare element on it too. Before childcare was added, we used to get 25 per week.

WTC is for people on a income of 17,000 or less I think.

I would love to get out of the TC circle, purely because they swap and change so much. But it is such a big help at the moment with nursery fees to pay. I am dreading when April comes and we find out how much we will be entitled to for nursery fees.

We will be okay once LO starts school, as OH sister works at a school and she gets all of the holidays off.



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