increasing hours at work, help with finances

[buttonortwo]

I have worked part time since i returned from ML with the aim of going back to work full time. Then my exh left me and i decided to stick to part time work whilst going through the divorce etc and trying to manage depression. I am very nervous however i am thinking of increasing my hours, my son is at school and i need "more" for me.. I have taken on the mortgage so i need be sure in all ways that what i am doing is correct.
I have been on tax credit calculator and i believe i will no longer be entitled to working tax credits, just a small amount of child tax credits. is it best to wait until after this tx yr ie april to avoid having to pay anything back or does it not work like that?! any help, advice, experiences?

bump, anyone? i called tax credits today and gave some figures however they gave me a figure which is more than what i am getting now?! how can that be right ?

When you work more than 29 hours in a week, there is an additional amount paid in tax credits that can make the transition from part time to full time (or almost full time) more appealing. Problem is, things are all changing in April with universal credit coming in (assuming it's not been delayed). Have you tried the Turn2us website? I find that helpful and fairly accurate. I've fiddled about with all manor of hours worked combined with childcare costs to find out where I'm better off. At the moment that's 25 hours for me, which is a pain because I need to earn more but lose too much if I increased them to near full time (increased child care costs make it more expensive for me).

The turn2us website also has predictions as to how your award will change with universal credit - I'll be better off according to that website but I'll believe it when I see it!

thanks so much twch, i will have a look and get back. seems strange i will get more for working 30 hrs, is that temporary for a yr as an incentive and then lowers i wonder.. and with universal credit may be different anyway. confusing.. i'll get back to you

As far as I know it's not temporary but with the changes via UC it's hard to say if it'll continue. Hope you get the answers you need.

At the moment 30 hours or more means you considered as having a full time job. I think tax credits will be phased out over the next few years, well eroded certainly so if you can get 30 hours a week now it is absolutely well worth it. That is right though, you should be better off working 30 hours otherwise what is the incentive for people to work?

thanks, randommess (know the feeling!) yes i will be better off obviously bring home pay will increase but i did not realise tax credits would also increase so significantly, i thought as i would be classed as working full time they would reduce and i would just get 70% of childcare paid for.. my head is hurting with all of this.. as i said i cant quite believe what i have been told is correct anyway..