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Tax stuff for SAHM

4 replies

grey12 · 14/06/2020 11:09

This has been on my mind for a while but I really don't know how to get more information (besides here, I suppose. Thanks for your help in advance!!)

I'm a stay at home mum. I was looking for a job when I got pregnant with DC1 and ended up staying at home. I'm pregnant again so at least for another couple of years I don't intend to go back to work. The money spent on nursery and childcare would not compensate so I might as well take care of my children myself.

I keep on thinking I should be making some kind of contributions?

Guys, I'm really at a loss in this kind of stuff..... I struggled with filling in my tax return for self employment (I overpaid all the time btw). And I have a PhD!! I just don't understand the tax system and all those weird questions (actually if someone knows a video/book on UK taxes for dummies I might give it a try)

Thank you

OP posts:
BernadetteRostankowskiWolowitz · 14/06/2020 11:13

If you are not earning any money then you don't pay tax.

Are you still claiming Child Benefit (even if it is then repaid via dh tax)? This will keep your National Insurance contributions up.

PicaK · 14/06/2020 15:54

Claim child benefit in your name. This protects your ni until child is a certain age. You can claim it and get the money (which if your DP earns more than 50k he has to fill in a tax return and start paying back on a sliding scale until 60k). Or you can claim and not get the money (so you don't have the paying back faff)
Do do the sums though. Think pensions. Being a sahm for too long is a career killer. I've done it 11 years and now getting divorced - I always knew and was aware of the financial impact but I see many sahms who are shocked by how vulnerable they are left. And it can be awfully isolating.

L0cked0utL0ck392 · 14/06/2020 16:20

All the info about taxes, child benefit, state pensions, benefits, self assessment tax, savings & how much interest you can earn before paying tax are all here www.gov.uk

If

L0cked0utL0ck392 · 14/06/2020 16:24

Self employed and need to fill out self assessment tax
Do it yourself
Or
I've seen accountants advertising about £150
You would need to provide them with all your expenses & income, receipts etc

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