Hi everyone, I was just looking for some advice on going back to work and how it will affect our working tax credits. I have 2 little ones at 2 years and the other is 7months and my partner works full time but has a low income. We receive tax credits and really depend on them, I've recently been offered a part time job working on a 12 hour per week contract. I really want to take it but have been told by people it wouldn't be worth my while as whatever extra I make my tax credits would be lowered so I wouldn't actually be any better off especially after petrol etc.. Plus the stress of getting child care.. Is this true? Has anyone else been in this situation? I really want to do it as its a good job and will be good for me but my partners against it because he is saying it won't better us financially so in better of staying home with the children. I feel abit stuck now :/ any suggestions would be great. Thanks in advance
I was in your exact situation just a few months ago. I took a 12 hour cleaning job and because I started after the start of the new financial year I get to keep all my salary and all tax credits until the reassessment next year so its a great help. Next year we won't be much better off at all. Thankfully there are no childcare costs at all because my shifts fit around DH's job.
And noisytoys - you should declare the change anyway. They might not ask to be notified of an amendment during the tax year, but next year they will ask for exact income figures and if you have been overpaid they will deduct the money from any future award or ask for it back.