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Tax credits limit on earnings?

(5 Posts)
bambinox2 Thu 14-Jul-11 09:52:53

Hi,
I need some help. My Dh owns his own company which is a ltd company so he is class as employed within it. Year 09/10 was a slow year and he only took a low income and I estimated similar earning this year (10/11) although he had a good year and earnt £10,000 more than the estimate. I am a low earner in a part time job but I am worrying we are reaching the cut off point for any help. I have to pay a childminder and use my tax credits for this and I am worrying we will no longer get any help.
Does anyone have any advice on this? x x x

mollschambers Thu 14-Jul-11 09:59:59

Okay so you're worried that you may not get tax credits this year because your DH earned £10k more than expected last year? hmm

Put your figures into the tax credits calculator here.

ragged Thu 14-Jul-11 10:00:07

Childcare shouldn't be deemed to only come out of your income; it's a joint expense. Your family is more financially secure if you are both employed.
I'm confused about your exact numbers, can you be more specific?

bambinox2 Thu 14-Jul-11 10:05:27

ok as my husband owns his own company, he supposedly recieves dividends which has to be added to his annual income. On paper he earnt 30k last year but we don't actually see that money as it is in the business. I earnt 4k. so all together we earnt 34k but to be honest it was more like 24k.

HappyMummyOfOne Thu 14-Jul-11 15:46:24

Do you mean standard tax credits or the childcare assistance?

Also if you are estimating your income rather than giving actual figures, you may have a large overpayment if you earnt 10k more than estimated.

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