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.
Hi Mags, I've been looking into this myself lately!
If you don't return to work, you unfortunately are not entiteld to anything from SW - you have to be available for, and seeking work before they'll give you anything!
As for your credits, you have personal credits and PAYE credits (each worth about 1800 per year) - you can transfer your PAYE credits to your DH but not your personal credits. If you're staying at home with babs, your DH is also entitled to claim a Homecarers credit of 900 per year (this applies to any family where one parent stays at home to take care of a child under 12.....you can still be entitled to part of this amount if you work a few hours a week).
The standard rate cut off point would also increase for him to (I think) about 43,000 (so up to that point it's 20% tax and anything over that is 41%).
What I did is sit down with Excel and worked out what both our incomes are each month, and deducted creche fees and any expenses you'd have if you continued working (travel expenses, lunches, work clothes, etc), leaving you with your 'net' income. I then worked out what DH's new wages would be if he had my credits and the homecarers credits. I then subtracted one net income from the other to see how much better off we'd be if I continued working......then it's a matter of deciding whether it's worth it or not!!
Best of luck....