Can anyone help clear up child benefits
Discussion
So i'm really confused about it all and how it works. I earn in between 50 - 60k with a 15k bonus roughly each year & my wife is in the 20-30k bracket. We know we can't get child benefit without doing a self assessment each year and frankly I think we'd get like £100 a year max which i don't thin is worth the hassle.
However i'm really confused when it comes to free hours at nurseries.
We have 1 child at the minute who's 18 months and therefore when she hits 3 should be entitled to some free child care hours however I can't figure out if we only get that if 1 of us earns 100k inc bonus or its a joint income when it stops. I think jointly we're probably close to 95k inc bonus so need to consider whether its worth going for a senior role which if i understand the salary will push us over that 100k jointly or whether its worth staying where I am until they both kids are passed the free hours threshold.
Can anyone help clear it up for me. I've been on the gov website and got confused & asked two individual trusted colleagues and got differing answers so i'm even more confused.
However i'm really confused when it comes to free hours at nurseries.
We have 1 child at the minute who's 18 months and therefore when she hits 3 should be entitled to some free child care hours however I can't figure out if we only get that if 1 of us earns 100k inc bonus or its a joint income when it stops. I think jointly we're probably close to 95k inc bonus so need to consider whether its worth going for a senior role which if i understand the salary will push us over that 100k jointly or whether its worth staying where I am until they both kids are passed the free hours threshold.
Can anyone help clear it up for me. I've been on the gov website and got confused & asked two individual trusted colleagues and got differing answers so i'm even more confused.
All children get 15 hours free at 3 yrs, the upper threshold when my eldest went was 100k net for the 30 hours free, that’s not joint income. KIV that’s 2017/2018 info.
Also look at the tax free childcare account, you pay cash in (80%) and hmrc top up (20%), if you need more hours or want to go beyond the 38 weeks funded by HMG, or extras like tea time club/breakfast club.
Good luck..!
Also look at the tax free childcare account, you pay cash in (80%) and hmrc top up (20%), if you need more hours or want to go beyond the 38 weeks funded by HMG, or extras like tea time club/breakfast club.
Good luck..!
As stated above, everyone get the free 15 hours childcare ( generally applicable to term time only so check with your Council) as long as you don't exceeds £100k adjusted net income e.g. pension contribution, charity donation.
Allocation of the 15 free hours can differ between nurseries so best to check with your chosen nursery for information.
https://www.moneyadviceservice.org.uk/en/articles/...
Open above and click through the GOV link to check if you are eligible for the extra 15 hours (imo, unlikley based on your salary as it's to assist the low income household).
See MAS link below for child benefits:
https://www.moneyadviceservice.org.uk/en/articles/...
Based on your existing salary (>£60k), your child benefits is £0. As explained in the above MAS link, if your finance permits, you could make a pension contribution to reduce your income to a level where you become eligible for child benefits. More importantly, always return the child benefit form even if you are over the threshold and tick the no payment option, so you don't miss out on the NiC credit towards the State pension e.g. 'Claim' under your wife's name who will receive the NiC credit if she decide to become a full time mum.
Allocation of the 15 free hours can differ between nurseries so best to check with your chosen nursery for information.
https://www.moneyadviceservice.org.uk/en/articles/...
Open above and click through the GOV link to check if you are eligible for the extra 15 hours (imo, unlikley based on your salary as it's to assist the low income household).
See MAS link below for child benefits:
https://www.moneyadviceservice.org.uk/en/articles/...
Based on your existing salary (>£60k), your child benefits is £0. As explained in the above MAS link, if your finance permits, you could make a pension contribution to reduce your income to a level where you become eligible for child benefits. More importantly, always return the child benefit form even if you are over the threshold and tick the no payment option, so you don't miss out on the NiC credit towards the State pension e.g. 'Claim' under your wife's name who will receive the NiC credit if she decide to become a full time mum.
As Deesee says, every child gets 15 hours free. You can get 30 hours free as long as you OR your partner don't earn over £100k.
https://www.gov.uk/30-hours-free-childcare
"If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get."
https://www.gov.uk/30-hours-free-childcare
"If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get."
Durgull said:
As Deesee says, every child gets 15 hours free. You can get 30 hours free as long as you OR your partner don't earn over £100k.
https://www.gov.uk/30-hours-free-childcare
"If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get."
"Adjusted net income" - If I earn £50k (subject to income tax) and sell some shares with £75k profit (subject to CGT), am I still eligible for the 30 hours?https://www.gov.uk/30-hours-free-childcare
"If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get."
If "no", what if the shares were sold in the previous financial year. Can I claim the 30 hours in the new tax year (assuming I don't sell more)?
B9 said:
Durgull said:
As Deesee says, every child gets 15 hours free. You can get 30 hours free as long as you OR your partner don't earn over £100k.
https://www.gov.uk/30-hours-free-childcare
"If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get."
"Adjusted net income" - If I earn £50k (subject to income tax) and sell some shares with £75k profit (subject to CGT), am I still eligible for the 30 hours?https://www.gov.uk/30-hours-free-childcare
"If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get."
If "no", what if the shares were sold in the previous financial year. Can I claim the 30 hours in the new tax year (assuming I don't sell more)?
same if you sold property thats not income, its a loss or a gain.
Guide here
https://www.gov.uk/guidance/adjusted-net-income
Nb, some types of company 'share schemes' can be put through wage slips, so could be classified as Income (my wife was involved in a 5yr rolling leverage scheme with Soc Gen that was paid via PAYE, in euros from Paris). She had some very interesting wage slips every March.
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