Separating, 2dcs, I'm on mat leave, but usually a higher rate tax payer. At experience/ advice gratefully received

(5 Posts)
Radiator1234 Sat 27-Jul-13 21:37:53

Hello

TIA for any responses.

As the thread title says really, I am on maternity leave with DC2 and my partner and I are separating. We currently rent a shared property but we will both have to rent separate properties going forward. The DCs will come and live with me. Ideally I would like to stay on maternity leave for a further 6 months but I am now just earning SMP (employer topped up at first). My SMP will not cover the rent on our new house (e.g.).

I have a well paid job when I am not on maternity leave, and I do have modest savings, so I suspect I am not entitled to anything from the government. Is this correct?

My partner and I are not married, does this affect how much he should/shouldn't support me financially. He too has a reasonably well paid job, but will have to pay his own rent too.

Sorry if these are daft questions - and i appreciate I am lucky to have some savings/ good mat pay for the early part of my mat leave etc, just interested in understanding while I am off work, and what options are open to me, or if the only viable option is going back to work and/ or using all of my savings.

Thanks in advance for any shared experiences or tips.

Things vary from being amicable to awful with my partner discussion wise.

Rockchick1984 Sun 28-Jul-13 09:39:35

How much do you have in savings, and how much will your household income be for this tax year (April-separation joint income, separation-April 2014 sole income)?

Radiator1234 Sun 28-Jul-13 11:59:35

Hmm I would say about 18k or thereabouts, all in Isas I didn't really want to touch as saving for a house (however obviously... Needs must), I also own a separate house which I have a mortgage on (I rent it out and it almost covers the mortgage ).

This tax year between 20-30k ish assuming I stay on mat leave until early next year.

Thanks again in advance.

Rockchick1984 Sun 28-Jul-13 18:26:02

As well as earned income you will need to include rental income minus mortgage interest (not the capital parts of repayment sadly) and interest from savings. With 2 children your maximum earnings are £32,000 to get any tax credits, if you go on www.entitledto.co.uk you can input your figures to find out what help you could get. You will also be eligible for child benefit.

Your ex's contribution will depend on how often he has the children, 20% of net salary would be expected based on you having full custody.

Realistically if you can't even afford your rent without touching your savings, tax credits won't make much of a difference.

Radiator1234 Sun 28-Jul-13 18:53:16

Ok Rockchick, thanks for you replies. V helpful.
I have to do a tax return anyway I guess that might flush the tax credit thing out (maybe?).
Interesting about the child benefit, I'd not thought of that. I'd already opted out but perhaps when I move I reapply just for this year you're right.
I guess it's just going to be belt tightening for as long as I want to stay off work.
I will try that website. Thank you!
Struggling really as obviously separating is just crap/ exhausting/ sad/ stressful, and I don't have any good friends who have separated with kids, so I don't have a reference point to how it might work out (in general I mean, not just financially). Thanks again.

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