scared about Tax Credits

[ipodthereforipoor]

I've just gone back to part-time work and I have just spent the weekend working out a spreadsheet of my incomings and outgoings -

and I'm scared

I am considerably better off working part-time than when I was on benefits - no big surprise there - but Should by Tax credits be almost the same as my wages???? ie I earn £800 and TC is £700?????

out of this I pay £89 a week childcare and then my monthly bills.

By the end of Feb - if I only buy what I've budgeted for I'm well in credit - and by the end of the year I have the potential to have a very large amount of savings.

I'm just a bit concerned that I have gone from £3000 OVERDRAWN to be able to look for ways to spend money!!!

The £700 is per month yes ??

If your childcare is roughly half of that per month then yes i'd say it's right.

seems a lot to me, maybe ring them up and go through everthing again and just double check.
You dont say if your single or not as this will affect it.
Hope its right for your sake, i wish i got that much!

The £700 includes help for your childcare ?

Do get it double checked ipod. Sadly it sounds to me like you're probably being overpaid. This happened to me last year when even though I'd given them all the correct info they had apparantly calculated our payments without taking DH's salary into account! If it's any help to your calculations I'm happy to tell you I was earning £400 per month, and the Tax Credits were about the same. DH earns less than £30k. We've been getting none since we renewed claim in August and won't get anything again untill April if ever

Try putting it in on www.entitledto.co.uk

it depends on your family circumstances ie total income

I'd get it checked

does this help

seee, thats what worries me - being overpaid.

I am single and my childcare is £348 a month.

Very unnerving situation.

When I phoned up with my salary the guy commented on "oh thats good money for part-time work" and I just chuckled about having been at uni to get there.

seee, thats what worries me - being overpaid.

I am single and my childcare is £348 a month.

Very unnerving situation.

When I phoned up with my salary the guy commented on "oh thats good money for part-time work" and I just chuckled about having been at uni to get there.

how many children do you have?

actually, I've just checked the printout the Lone Parent advisor at the jobcentre gave me and the Tax credits is right - ???? WTF???? no bloddy wonder the country is in ruins, they are giving me all the bloody money!

its even worse/better in May when I endup with 2 tax credit payments in the month!! DOUBEL WTf

Looks correct now I've looked at it, but just doesn't feel right!

I was petrified when I became a single mum that I would be really struggling - I KNOW not everyone does this well, and I have done alot of work on paying off my debts while living rent free for a year - but I'm happy to be starting 2007 out of my overdraft!

Still might have to ring them though!

sorry Ipod I shouldn't have assumed you had a partner Glad it sounds right now!

not probs - much better off without partner - he had a habit of withdrawing money from my account without permission, so I'm just glad to be in control now!!!

Only one DS.

Oh well, Thankyou Mr TOryBlur and MrGoldenBrown!!!!

I hate the tax credits system. No matter what i do i always seem to owe them money! I have always been 100% honest about my earnings and have always informed them within 48 hours of any change. The latest problem i have is that they haven't 'paid' me since end of nov due to a 'system error' Still waiting on the cheque they owe me so am totally skint as still had to pay for nursery and out of school club for 2 months and not recieved a penny to help.

Just make sure you tell them of any changes ASAP, thats when things seem to go wrong with them.

Think the idea of TC is that everyone ends up with a minimum income, thinks its 14K ish.I know if worked f/t I'm worse off

Hi there.You may be getting the right amount,I don't know your full circs but as a precaution I would get it checked/put some money in a high interest savings account if you can,as we were unwittingly overpaid last year and ended up owing them £2,800.I have absolutely no idea how they calculate it all,it seems pretty disorganised and arbitary how they appear to work it out but would hate you to face a similar situation.HTH.

cheers guys!!!

Will do as you advise and put it in savings - even if its right, then atleast I have a little comfort zone if life goes all tits up again!

Racheal4 - that happened to me last year - it got to the point I was too overdrawn to do anything - couldn't pay rent, petrol to get to work, nursery fees. End result was I had to hand in my notice and move back to my parents 200 miles away! Not that they cared about that at the time1