Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

tax credit - very confused, can anyone help, please?

3 replies

totallyconfusedreally · 22/09/2013 21:17

I've name changed as quite personal info, but I'd truly appreciate any help. I've read and re-read various tax/benefits sites and am baffled. Here's my situation.
I'm leaving my current job to be a SAHM - old salary was around £55k but won't be earning anything for next couple of years. My DH earns quite a low salary - £19k. Obviously we are going to struggle with the change in income but are very fortunate not to have big outgoings and have changed our living situation drastically. I can't work out if we should be looking at any tax credits?? Sorry to sound thick!
Thanks for any insight.

OP posts:
CogitoErgoSometimes · 22/09/2013 22:31

If your new household income is only £19k, send an application. Tax credits are usually worked out on the previous tax-year's declared income but, if your circumstances change radically, HMRC use your actual income. The worse that can happen is you get turned down.

RedHelenB · 23/09/2013 13:53

Prob won't qualify till April though, depending on how many children you have,as 5 months of your salary plus your husbands would probably be over the threshold.

totallyconfusedreally · 23/09/2013 18:28

Thanks both - that's really helpful. I was worried it might be judged on our income last year, not 'from now on' sort of income. Oh well... as advised, may apply anyway and see what they say as it is such a drastic change in income/circumstances...Thanks again for both taking the time to reply.

OP posts:
New posts on this thread. Refresh page