How will tax credits be affected??

[oliviarose]

Hey ladies,

Wondering if any of you could help?

I returned to work in sept after mat leave. I have returned doing 22.5 hours. LO goes to nursery whilst I work and we are lucky enough to get full help from tax credits this yr towards the fees.

I was only receiving ma whilst on mat leave as I did not qualify for smp from my employer, I hadn't been there long enough. So I didn't have ant income from sept 10 till sept 11.

Our joint income for the yr was just over £28,000. this next tax year it should be the same, maybe a little less.

Well getting to the point, there is a possibility of me doing a little over time. Just as and when I would want to do it. But how would this affect our tc? Are they lowering them again next April? I don't want to do the ot if it's gonna affect us a lot. As we are getting by, but I want to start putting money aside for an emergency fund which we don't have now.

Thanks ladies.

 

[kaylynn040485]

I think overtime can be difficult with tc as you cant ring up everytime you do some to adjust the award but i would give them a ring and ask them to give you a rough idea giving an average of overtime. Think it would just be a case of altering your final figures in april but tc are so tight now that i would think it would probably make working overtime pointless. kx

 

[oliviarose]

I think overtime can be difficult with tc as you cant ring up everytime you do some to adjust the award but i would give them a ring and ask them to give you a rough idea giving an average of overtime. Think it would just be a case of altering your final figures in april but tc are so tight now that i would think it would probably make working overtime pointless. kx

Thank you for the reply.

This is what I have been thinking. I think we might just have to manage until nxt April and see what the figures are then.

The overtime would be pretty reliable I think. I was hoping to just do a couple a month. As if I work a late on the weekend I could pick up quite a bit. But at the same time I don't want us to come to rely on it.

I posted the same thread on the money saving expert site and a person on there said that as of nxt yr you will loose 41p for every extra £ that you earn and gain 41p for every £ less you earn. Not sure how true that is.