to think a 40K salary is not enough???

[slippytoes]

I've been offered a permanent full time job earning 40K, which at first sight looks great but....

I just realised this will stop all child tax credits!!! Then we wont have nearly enough to rent a 1 bed (let alone a 2 bed flat) in our current area.

We live in zone 2 (very expensive!) and moving is not an option since DD goes to school in the area and is well settled in... I dont want her to lose her friends and change schools!

Also, because the new job is full time I will need childcare, which also means extra costs! I was thinking of getting an au pair but we just cant afford it!

I am a single parent. I really want this job, it's a great opportunity. 40K is a decent salary!!! AIBU? How do people make it in London? Should I ask my new employer to pay me less? And how can I make this work? :(

Sorry, probably haven't read through thoroughly enough but how are you affording to live in London currently if you couldn't afford it on a £40k wage?

why cant you move out of LOndon or the area you live in not a Londoner obviously so I dont know where is cheaper to live but i think you need to rethink where you live and communte

They obviously want you for the job say you would love to have it but were looking for a higher salasry, they can only say no. If you are not that bothered about it at 40K ask for more money/higher salary if they say no hey ho you cant afford it anyway. You dont get anywhere without asking.
Try a bit of cheek, ask with confidence and a smile on you face and see what happens, I dont think they can wiothdraw the offer completely just say yes or no to revising the salary offer.

I'm really confused now about the tax thresholds.

I know everyone gets a tax free allowance, so I thought that meant:

on the first £9,440 you earn you pay no tax
from £9,441 o £35,700 you pay 20% tax
from £35,700 to £100,000 you pay 40% tax

have I got that wrong?

Can spell honest!

You don't get a tax free allowance if you over approx 112k a year.

Yes, you have. Tbf, the HMRC site doesn't help in this. You have to look closely to see that the thresholds are:

Personal allowance 0%
The next £32k after this 20%
The amount between that and the next threshold up 40%

Even more confusingly, people on over £100k (I think?) lose their personal allowance.

You will need to move.

You just will I'm afraid.

Your dd will find a place at another school.

Slippytoes, I would really, really advise moving out of zone 2! Lovely as it is (used to live in West Hampstead, sigh), it's INSANE, price-wise. £1400 pcm for a 1-bed is just absolutely ridiculous.

Agree that there are plenty of lovely places south of the river with great, easy links into Southwark. I know it can be tough to contemplate changing schools etc but if you really want this job you will need to make some choices.

We could do a Sarf Lunnon property porn thread for you (guess who's bored at work!)

Elephant and Castle is zone 2, close to Southwark and relatively cheap. Lewisham? Plumstead?

My only advice is - take the job and make it work some how (I think you'll regret it if you don't).

2 bedroom garden flat in Honor Oak (15 mins on the overground to London Bridge)

haha GinAndIt that'd be brilliant. I know nothing about sarf london. (well I have friends in Putney and went to Camberwell once, and that's it). So any advice much much appreciated. Good stations for me to commute to would be Southwark/Waterloo.

Thanks!!!

Honor Oak is LOVELY. Trains and orange line for all your commuting/social needs. Used to live there, got priced out! V nice tho. Brilliant schools too - check carefully tho as catchment areas can be tiny.

Honestly, SE London is the way to go... green, great schools, in the 'shard corridor' (oo er) and good shops and services... Sorry I'm getting evangelical.

Thanks Mintyy!

Btw, direct trains from Hither Green to Waterloo East take under 20 mins. Honor Oak/forest Hill/Brockley all have a change at London Bridge.

Sounds lovely dancinglady I think the first thing is to get south the river and see things myself!

£1400 for a one-bed off your £3500 a month leaves you with £2100.

You can't live on that?

I don't see the problem here.

I'm amazed how many people think not qualifying for benefits is a bad thing.

clara I was also thinking of saving money. I am really rubbish with finances (as you all can see). Most websites I've seen say you shouldn't put more than 30-40% of your earnings on rent.

also for credit checks most landlords would consider you a risk if you dedicate more than 30-40% of your earnings to rent.

Ake home salary would be approx £2477 minus £1400 rent . I think 1k a month us doable plus maintenance and child benefit.

www.zoopla.co.uk/to-rent/details/31136615?search_identifier=9f65c2e5a0744cd4e3f9412a5f59c222

www.zoopla.co.uk/to-rent/details/28734568?search_identifier=9f65c2e5a0744cd4e3f9412a5f59c222

Looky looky! Am very fond of Hither Green, plus it's super-quick into Waterloo.

I think you have your figures wrong. On a salary of £40,000 and a standard tax code, discounting any contributions to pension etc, you're probably looking at a monthly take home pay of £2,500 approximately. As others have said, you need to look at the figures properly - you already think you'll be getting £1,000 more than you probably will!! But without seeing the figures, I think you have to move.

Loads of space and a garden!

Sorry, just a bit bored . Have just picked Hither Green a bit randomly to give you an idea.

mandy12 I'm including maintenance payments + CB too

In your shoes I would take the job and move way out of London. Try and find somewhere where you have the opportunity of buying a shared ownership. Higher commuting costs but a better future for you and your dd. After you have been at your post a few months you could ask about the possibility of working from home 1 day per week.

You are obviously intelligent and have gained good working experience - you should have good opportunities ahead of you. However I fear that living in an area with crazy housing costs will drastically reduce your opportunities.