tax credits

[mammumof4]

hi evryone.
just a quick question, if i take on a full timer (already have 2 after schoolers 2 days a wek) will tax crdits take aload of me?
if i take this child on i will be doing around 10 - 12 hours a days.

[Joannechildmind]

Wen i took on another part timer back in March (took me to working 40 hrs a week) i rang them and told them i would be earning another £100 per week i worked it out over the 12 months and told her the total (not sure this is the right way to go but i would rather over estimate than under estimate) last year i over estimated (its hard to work out because they take the amount after expenses) in may after sending back my final award notice letter i got £1500 paid into my account from them as id not earned the amount i told them.
It may go down a little but remember they go by the yearly amount earnt after expenses.

[FizzysFriends]

Its usually worth taking on extra work as tax credits only take a small amount per £ that you earn.

[mammumof4]

thanks, i dont want to take on the extra work if tax credits will take it all off me thats all

[Straws]

I think you would only need to inform them if your income went up or down by £2500, last year I earned 1800 more than I had estimated it didnt make any difference to payments nor did I owe any back. I think they tier it so for example those earning 5-10k get a set amount and 10-15k get a set amount depending on how many children of your own you have.

Straws xx

[mammumof4]

so when i give them the amount i earned do i give them earnings after expences. sorry im thick i just got a letter from national ins, a bill for 11 quid

[Straws]

yes give them the amount after expenses, I always take of 50% for expenses, then I know am covered if it goes over by a few quid it wont matter.

Straws xx

[mammumof4]

thank you