To work or not to Work???

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mags s Posts: 591
Hiya, Having my first baby in sept ( i am 8 weeks today ) and am trying to work out if it will be worth my while coming back to work or not. I dont have the highest paying job in the world....and was wondering if i was to give tax credits to my hubbie...what entitlements would i get...could i draw on my stamps...and if yes, how much is that per week..... help please cause this kinda stuff goes completely over my head. Thanks. :wv
molls Posts: 149
Mags, congratulations on your pregnancy. In relation to the tax benefits, if your husband is fully able to take the benefit of your tax credits and your share of the standard rate cut off point, the annual increase in his take home pay would be €4,620. In relation to claiming the dole, you can only claim this if you are available for and actively seeking work.
love struck Posts: 1125
mags s As far as I know you can also cliam look into the [b:1s0qza4i]Home Carers Tax Credit [/b:1s0qza4i]which can be claimed by a married couple when one of the parents is at home minding the kids.. Not 100% up on this but below is the link. Worth having a look at.. http://www.revenue.ie/leaflets/it66.pdf Good Luck with it..
Fur Posts: 131
Very interesting point mags. Could you not use your stamps for a while(how long do they last?)? There should be something available for SAHM's xx
molls Posts: 149
I've taken the Home Carer's credit into account in the €4,620 figure. You cannot use your stamps unless you are actively looking for work.
mags s Posts: 591
yeah fur i though u could use your stamps....but not completely sure.
Christmas B Posts: 6191
[color=indigo:2g9lvwpp]I totally crap attack when it comes to all Tax'y stuff!! So does this mean that my DH should be able to take home as extra €4,620 per year because I'm now a stay at home Mum??[/color:2g9lvwpp]
molls Posts: 149
[quote="Christmas B":1xalk7mk][color=indigo:1xalk7mk]I totally crap attack when it comes to all Tax'y stuff!! So does this mean that my DH should be able to take home as extra €4,620 per year because I'm now a stay at home Mum??[/color:1xalk7mk][/quote:1xalk7mk] Well, the answer to that is maybe! If he is currently only claiming his own tax credits and a single person's standard rate cut off point (€35,400) [b:1xalk7mk]and[/b:1xalk7mk] he earns over €44,400, then by claiming your personal credits, the home carers' credit and the additional income at the lower rate, his take home for a full year would be €4,620 higher.[/b]
tasket Posts: 306
Molls I hope your don't mind your brain being picked a little more! Just wondering about part-time work - if one spouse works a few hours a week how does that affect the transfer of tax credits to the higher-earning one? Basically just wondering if it would be worth it to work a few hours a week or would we be better off to stay completely unemployed & be able to give all tax credits to hubby. Thanks! :wv
Snugglebuggle Posts: 1084
I hope to go back 3/4 days a week hoping that is !!!