Just want to say something about tax credit system

[angeling]

We are the couple with one little boy, In 2013-2014, HB just graduated from PGCE, didn't get job straightway until Jan 2014, so when we renewed the tax credit in 2014, our income just rise not too much from 2012-2013, however,as everybody knows teachers job's salary, after reporting the assume amount in 2014-2015 when renew our tax credit, now I start to worry about may receive the letter says we are overpaid.

yes, we are in all right salary, but the problem we are trying to say money for our deposit, so this year is quite important to saving, every extra money will help us a lot, now look like need longer way to go

sorry, if I confused everybody who reading my post, I just want to say like us who make a ok money but not good money, should get some not big but even just little help from government.

Why should the tax payer help you to save for a deposit for a house?

Absolutely, yes.

The government should be making sure you have enough of their money to be able to save for a house deposit.

In fact, they should just give houses to everyone.

Eh? What?

Unfortunately on a teacher's salary with 1 child, it is very unlikely you will get any tax credits this year.

I astounds me how many people do not understand the tax credit system. Op, you should have anticipated this. TC are to help you pay your bills, etc; they are not a means to help save for a house deposit. You obviously aren't struggling financially if you were only using them for that purpose. Cheeky.

If you earn above the threshold you shouldn't get tax credits. They aren't there to make it possible for people to save. Maybe you should get a job and you can save that money?
I'm not being snippy, I'm just saying you have a weird perspective on tax credits. Personally I can't wait til September when I'm working full time again and can stop claiming tax credits!

are you a teacher then? I cant understand your post.

I think if you are in a position to be able to even think about buying a house then you must be ok financially. Sorry if I'm wrong but buying a house is very difficult these days for those of us who are 35 and under.

Tax credits aren't there to save for a deposit on a house. We save everything we can for our deposit and it comes from our salary. That's just the way it is. I've no problem with my tax going to help people out with bills and housing but it should not be going towards someone's savings?!?!

I agree sarah.

A first year teacher who has any ambition and ability can improve on the starting salary very rapidly. No new graduate would expect to buy a house in their first year or two of working and TBH no-one I know where only one partner is working (I think that's the case for you?)

Really you think the taxpayer should buy you a house?

Hi, thanks everyone for talking, I know I can't get any tax credit this year, and I don't want to cheat on benefit system because I know there are always other people need these money than us

What I say is our financial situation is really struggling

My HB is NQT which he takes home 1400 every month, I only have a part time job which bring home only 600 every month, sounds a lot, isn't it?

but the truth is after the rent and bill has gone, we only 900 left and we still need use 900 to pay our food and petrol, sometime clothes for our little,so the maximum we can save every month is 300, and just like the weather, you never know what is going to happen next corner. In our plan we should save 20000 by next year, but seems will never happen.

I never want taxpayers to give me some money to save our deposit, but sometime I just feel you work hard but you just can't get what you want. sorry about the morning moan, sometime I really feel depressed about our future, because I really want to my little boy to grow up in his own room but not rent house.

We can't afford to save £300 a year. Let alone a month, wanting tax credits to pay for your deposit is awful. It's to help people pay the basics, not for the luxury of a deposit.

You cannot complain about only being able to save £300pcm! My rent is £1500 (my house is horrible and freezing so my utility bills are £££) and my nursery bill is £1100, we don't get a scrap of assistance apart from child benefit which saves our bacon most months . The thought of being able to save £300pcm is a far off dream for me despite us both having fairly well paid jobs.

You need to change you plan (or your earnings) How can you expect to save £20k by next year if your take home pay is £2000pm?

£300 pm savings is very respectable you just need to give yourselves longer to meet your target.

Oh my goodness! This has just shocked me and wound me up! Yes you work hard but so do most people who have to live in rented accommodation! My disabled DP works long hours (yes disabled and working) to provide for his family and I work part time from home whilst looking after dd2. In September I'm off to uni when dd2 starts full time school. Dd1 and ds are both at school. We would love out own home but instead the five of us live in a privately rented, tiny bungalow. My daughters don't even have a room each nevermind in a house we own.

Maybe I should ask the government to buy us a four bedroom detached house so my girls can have their own rooms with extra money so my disabled DP could work part time while im at uni?

Get a grip love most people In This country worry day to day how they are going to feed their kids and you worry you can only save £300 a month because the government won't help? I wish I had an extra £300 a month lol Jesus wept!

its the school hols here, think someones at the wind up.....

The threshold with one child is £26k, so if your joint earnings are or will be more than this for 2014-15 then you won't get any tax credits. If you think your income is going to be a lot more in 2014-15 then ring tax credits with an estimate of your earnings otherwise you may end up with an overpayment.

Clearly on a wind up. Poor you OP, only having hundreds of pounds spare every month. Let me get my tiny violin.

I work like a dog, and my Tax Credits are sometimes the difference between eating or not.

Savings!!!!???? Pfft what are they, then?

We are grateful when their is enough left over at the end of the month to fill the fridge. Nevermind the savings account!!

Our wages pay our rent & bills.

Our tax credits are how we afford to eat & put petrol in the car.

We will never be able to buy a house. This is because DH & I are almost 40 and by the time we have managed to save up the £20k (at least) needed for a deposit we will be too old to take out a long enough mortgage to be able to afford the monthly repayments.

Sometimes, it can be a depressing thought - yes. But most of the time we are just grateful that at least we can make ends meet, unlike many people of varying incomes across the country.

A previous poster has mentioned a monthly rent of £1500 for a cold, damp house & £1100 per month for childcare. Even on what we would consider to be a very good income, that would be a struggle.

In short, much of the population of this country is experiencing the same as you. I would readjust your expectations & give yourselves at least 5 years to save for your deposit - by which time your DH will no longer be a NQT & you may have been able to change jobs or go full-time.

I very much doubt whether an NQT & a part-time worker earning £600 per month would even be able to get much of a mortgage in the current climate.