to be pissed off that DH has had a bonus cos tax credits will take loads of money off us

[FuckingTaxCredits]

have nc doubt the dm readers will be out in force for this one

dh has had an annual bonus of 2700

which should be awesome news but I nearly cried when dh told me

as this happened a few years ago as well, and i know that when I do our tax credits renewal they will end up royally screwing me up the ass and taking loads off us. even though dh will prob come out with 2k, max, of his bonus, if he is lucky, but tax credits will take the whole amount off us

so it will hit ME in MY pocket cos dh is doing well at work

bonuses should be just that, a FUCKING BONUS

so pissed off

Does the bonus push him above the tax credit level or something ?

Admittedly I don't claim myself but it can't be right that you loose more than he bonus otherwise ?

I don't understand why people are effectively telling the op to suck it up - surely the family tax credits should not reduce by more than the bonus amount?! That's ridiculous!

sorry op but i cant sympathise. despite earning just over the cut off for any tc we havent been able to afford a holiday in around 8 years.

Something for nothing culture, why not divide it up over the year - et voila, your probably still better off, cake and eat it springs to mind

Oh sorry Sonnet that wasnt aimed at you! Sorry if it came across like that! That view is generally rampant amongst the public and I'm generally curious to know where its come from.

Op here's how it will work. HMRC do not include the first 5k of CY income increase so it will not affect your award CY.

Next year they will take the 2700 and use that to reduce your award by 41% so your award will be 1107 less than it is this year.

Tax credits takes into account gross taxable income (ie take your expenses off eg pension but not take off tax and NI)

Oh my god. More mean ridiculous responses!
What's going on mn?! This is coming across all 'there are children starving in Africa y'know'

Not you snarf, x posted

No they don't take the whole £2700 into account. They look at your annual net income less pension payments and charity giving and childcare vouchers taken.

There are no taper bands with TC, after the first income threshold there is a flat taper rate of 41% though WTC gets tapered a lot sooner.

Hello

Credit cards

Holidays

Some of us get zero TC but aren't having a holiday and don't have credit cards

Suck it up

Sorry meant gross.

I feel your pain. I got a 100 quid Xmas bonus and so lost 2.months of carers allowance. .500 quid. Was like. .hmm thanks.

I kind of get what the OP means..
When DC were teenagers I started work but am partially paid commission..my income was different every month. Tax credits took so long to process that I ended up owing 5k!!
They then take that income to calculate the next year..as this was recession years commission dropped and I then had to repay from previous year plus have a lower income...
Years before that we had similar issues with DH and overtime....
On the lowest incomes it is a situation that can cause havoc when you have bills to pay.

the problem here isnt that the tax credits will go down, but the op and her dh have separate monies and the bonus will be his and the tax credits will be hers

thats the problem, not the amount of money involved

Big well done to your dh for getting a bonus. Are you not even slightly proud of him?

Have a lovely holiday op.

You have my sympathy OP
All I can advise is the sooner you tell them the least hit you will get for it.
In other words if you wait until next year they will take it back as an over payment rather than just reduce your award.
If it is less than 5k though, it shouldn't make any difference.
Take no notice of the jealous we don't get it posters.

If any extra money will push you above thresholds you can increase your pension contributions by salary sacrifice snd reduce your income. Protecting from the tc decrease and saving for your future. Pension salary sacrifice isn't included in your income like other salary sacrifice benefits to encourage people to save for their future.

It makes for very difficult reading to hear that you are going on holidays funded by working people who cannot afford to go themselves.

So you are having a holiday and still moaning?

Excuse me op if I don't cry. We havnt had a holiday for 3 years despite both working full time.

We put 2 kids through uni and earn too much (ha ha) to get help there.

Enjoy your bonus, holiday and reduced credit card debt amd be bloody grateful you live in a country that props up
Your family.

Enjoy your sour grapes

X post battery hear hear.

If any extra money will push you above thresholds you can increase your pension contributions by salary sacrifice snd reduce your income. Protecting from the tc decrease and saving for your future. Pension salary sacrifice isn't included in your income like other salary sacrifice benefits to encourage people to save for their future.

Good grief, so the rest of us have to fund OP's pension now too? Are there really people in the world who think this is OK?

fango is that meant for those of us who are struggling to cope? And don't have state help?

we get tax credits op and its people like who give tax credits a bad name

God knows how my mum ever coped before 2003 when there were no tax credits?!?! Insert SARCASM here