Anyone good at maths work this out?!

[mathsahh]

Single parent. Income 67k full time. Child benefit 100 a month. Obviously will have to pay some back.

If I cut my hours to 4.5 days a week, would it actually make much difference to pay when childcare is 62 pounds a day? (Child could go to grandparent for half a day while I worked the half day).

I don’t know if this makes sense or I would be losing a lot of money. I don’t work in finance obviously!! 😃

Pro rats you’d earn 7k less a year dropping half a day.
or £134.60 a week before tax and no - approx £77 after tax.
so you’d lose 77 of wages but gain 62 from less nursery fees. The child benefit pay back is over 60k but after pension contributions are deducted. What % is your pension deduction? Assuming worst case and it’s basic 5% your child benefit pay back would be (67000- 3350 pension contribution) = 63,650 you pay back 1% of cb for every 200 over 60k so you’d pay back 18.25% which is 242.94 a year. Or £5 a week

so 5 days work earn 77 more, less 62 childcare less 5 child benefit pay back = 10

si working 5 days instead of 4.5 you are £10 a week better off

It will depend on how your employer calculates your hourly rate and what 4.5 days means in terms of hours vs current hours.

Effect on take home pay will depend on your pension contribution and if you have student loan repayments. You're currently on a marginal tax rate of 42 to 51% plus a bit for lost CB, the latter being pretty tiny as you'll probably keep just about all your CB anyway as you're on probably around £63/64k after pension contributions (assuming nothing like a company car).

Then you have to consider what your employer expectations will be. Will your workload actually reduce or will you end up doing the same hours for slightly less pay but have an agreed half day off a week?

Would you be able to slightly compress your hours so you do 4.5 days worth of hours in 4 days and have a full day off each week - this may help with childcare as you won't necessarily need a regular half day you might be able to agree a full day every other week or similar. If you travel to a workplace, this may also reduce your commuting costs slightly.