Combined income of £42K and tax credits

[MoneyBunny]

Have name changed as income is quite personal to me.

I am about to start work and we will have a combined income of 42K and childcare costs of £1K per month. I am trying to find out how much help with childcare costs we would get but HMRev can't tell us until we have actually started using childcare. I can't find a reliable calculator online.

Does anyone have the same income and childcare cost and can give me a rough idea please?

Both our employers offer childcare vouchers, would this be a better option do you think?

HMRC have a childcare voucher/tax credit better off calculator which you could use. This will tell you how much you could get in tax credits vs the childcare voucher savings - just answer assuming you have the childcare in place I think.

www.hmrc.gov.uk/calcs/ccin.htm

Also could be wrong but I think at a combined income of £42K you won't be elligible for tax credits but could be wrong.

Thanks cogito,

According to that link we should get £3434 per year in tax credits. That would be good.

Our income is similar and we received no tax credits. We only receive a few pounds a week now because our dd is severely disabled. It's unlikely I'll be able to go back to work earning the same wage so let's hope tax credits might increase. You are just on the wrong side of the wage border to receive help!

The calculator must base it on what we earned last year then when only dh was working.

I'm sorry to hear about your daughter, cup, but great that you are able to stay home and look after her.