For the first time in my life, I simply don't understand what I am 'entitled' to by way of wages and or/tax credits.
I don't know if it because of all the changes coming in April, or if it is me being completely thick. All I want to do is forecast our finances for the next 18 months/2 years. I know we won't know what the figures for thresholds etc will be, but I just want a rough idea.
Can anyone help me with the figures here? Currently I earn approx £33000, it goes up by roughly £1000-1500 a year. Dp earns £10000. I have one child, who I receive CB for. We get no tax credits now.
We are planning a baby, TTC now would leave me possibly due early November, which is 6 months left of that particular financial year.
While on ML I would earn 90% of salary for first 8 weeks, then 18 weeks at 50% of salary, plus SMP. I have worked out that for these 26 weeks, I would earn £13217. For the previous 6 months, I should have earned £16500. That totals roughly £29717. Our total income for the year 2012/13 should then equal £39717.
DP is taking the remaining 12 weeks as SPP. That would take us in to the new financial year however, meaning that in 2013/14 I would earn £34000, DP would drop his hours and his total earnings including SPP in that year would total £6235. Our family income would be £40235.
I'm not hedging my bets on being entitled to anything, but the bloody calculators (entitled to and HMRC) are giving me different answers, and I would just like to get an idea (to know how long we are going to be on a tighter budget for!!)
Oh, and to complicate matters, from July 2013, weekly childcare costs of £35-40. We would buy childcare vouchers for those through my employer.
What really confused me even more was trying to work out if the ML was spread over 2 financial years! The calculators just got even more confusing!! So I'd best conceive this month, and pray not to have a late baby then I guess!
Cabbaged. Head. (It has helped to write it down however!)