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I need to calculate how much I need to earn in order to make it possible to work full time.

(7 Posts)
positively9something Thu 13-Feb-14 23:42:07

Are there any online tools that can help me work out how much better off/ worse off I would be working full time?

I currently work parttime and therefore do not need to pay childcare, I get taxed very little and I get tax credits. I am also a single parent.

I need to work out how much I need to earn in order to:
1) make more than what I am spending out on childcare
2) make it worth my while spending more hours away from my dd ie actually have more cash at he end of the month

Any ideas or tips for working this out?

CogitoErgoSometimes Fri 14-Feb-14 06:03:03

The benefits calculator at www.turn2us.org.uk is a good place to run some 'what ifs' on tax credits with various childcare and gross income levels. The PAYE income tax calculator at www.listentotaxman.com will let you work out net income.

HTH

positively9something Fri 14-Feb-14 07:41:15

Great thank you for the links grin

dashoflime Fri 14-Feb-14 07:48:09

Remember to include in work expenses like travel costs. Good luck

Beccawoo Fri 14-Feb-14 15:02:45

Good luck - I played around with some figures on these too and it does appear that when I go back and have to pay for childcare that I will be eligible for tax credits to help pay this childcare cost. Won't know for definite till I actually do it though, but it does seem that they are trying to support people going back to work who have to pay the ridiculous childcare costs, because, as you say, otherwise it isn't worth it and that is how we get so many people refusing to work and sitting on benefits. Hope it works out well for you.

Mojang Fri 14-Feb-14 15:07:00

TBH for me this debate was more about long-term earning prospects than the immediate covering of childcare expenses.

Staying part-time would have meant turning down career opportunities which if I hadn't taken when DC were young would have meant I was much worse off now IYSWIM.

positively9something Sat 15-Feb-14 09:03:01

I agree that it is also about ghd long term and furthering my career as well as covering childcare costs etc.

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