I have namechanged so I can give my personal income.
My DH is about to apply for a job, after being out of work for a while stands a good chance of getting it. It is not a huge amount, and the amount of financial difference and confidence he will get by working it makes versus the disadvantages of childcare/travel etc very much depend on how much we stand to lose from tax credits if he takes it.
I would like to know roughly what drop in tax credits i might expect if he takes it, so we can plan accordingly, have tried to look at entitledto.com but the amount it gives us as entitled to seems to be the same as it now and I am not convinced that is right. I wondered if anyone out there might have an idea through personal experience what it might drop by (not expecting an exact figure, just a rough idea).
We have two children, one aged 4.8 (at school) and one aged 18months).
My Current salary is £17900pa for 25 hours per week (£1098 pm after deductions)
CTC/WTW combined is £550 (or there abouts, possibly a few pounds less. Sorry I cannot recall what it is made up of proportionately, paperwork not handy, but significantly more is CTC than WTC).
DH has no income, so no contribution towards childcare costs currently.
Own flat so no HB contributions.
Proposed additional salary is £10000 (£730pm after deductions).
So total income will be £27900pa (£1830 per month before benefits)
Childcare costs will be £60per week (240 per 4 weeks).
We need to take home a clear £400 per month extra for it to be worth it (that £400 in total, so after adjustments to CTC are taken into a/c).