Tax Credits

[webkey]

Hi,

First post so please be gentle.

I have my own Ltd co. and have been contracting for a number of years now.

Change of circumstances next month with the arrival of my first child. I was just wondering whether I would qualify for any easy money such as tax credits etc?

Thanks in advance.

Webkey.

[FarmerPalmer]

You WILL be able to receive child benefit, and MAY be able to get child tax credit (based on household income).

[MPwannadecentincome]

household income includes salary, savings and dividend income.

[expat]

Hi,

First post so please be gentle.

I have my own Ltd co. and have been contracting for a number of years now.

Change of circumstances next month with the arrival of my first child. I was just wondering whether I would qualify for any easy money such as tax credits etc?

Thanks in advance.

Webkey.

You already do qualify for shedloads of easy money. You're a contractor.

As for looking to get more for nothing, from a relatively small pot intended for helping the least well-off, have you no shame?

PS This is me being gentle.

[TheFaQQer]

You already do qualify for shedloads of easy money. You're a contractor.

As for looking to get more for nothing, from a relatively small pot intended for helping the least well-off, have you no shame?

PS This is me being gentle.

Nope - I'm expecting to get what I am entitled to from the system. Not a penny more, not a penny less - if the government introduces a scheme that pays money to those who earn less than a certain amount and have children, then why shouldn't I claim it because of my occupation??

When I first started contracting, I earned less than the threshold, so claimed the tax credits to which I am entitled. If I still earned that amount, I would still claim it - anyone who is entitled to claim it and does not is a fool.

[expat]

Nope - I'm expecting to get what I am entitled to from the system. Not a penny more, not a penny less - if the government introduces a scheme that pays money to those who earn less than a certain amount and have children, then why shouldn't I claim it because of my occupation??

When I first started contracting, I earned less than the threshold, so claimed the tax credits to which I am entitled. If I still earned that amount, I would still claim it - anyone who is entitled to claim it and does not is a fool.

I agree with that and apologise (get it while you can, it doesn't happen often) for suggesting otherwise.

I happen to think that the threshold is too high; and that you probably shouldn't be contracting if it's not making you enough not to need this. But these points are indeed by the way. I shall certainly be travelling to contracts on my wrinklies' railcard in 2 1/2 years time, with no shame.

[MPwannadecentincome]

you probably shouldn't be contracting if it's not making you enough.

I don't understand this statement at all - if they were not contracting they would be in a permanent job - which still might not pay enough - or be on the dole - which definitely does not pay enough.

There seems to be an underlying assumption that all contractors have cash to spare, perhaps this is true if you are single, if you have a family / kids all the spare cash gets sucked up in bills - and for those who are (un?)fortunate enough to live in the south the bills are much higher as larger houses in an area with good schools are very very expensive (even though prices have eased off that does not reduce the mortgage).

[webkey]

household income includes salary, savings and dividend income.

Thanks for the input.....we all know this country rewards those who choose not to work and and just breed for a living so if I can get the chance to add a few extra £££ to my pot then I think us grafters deserve it and to also balance out the various stealth taxes we get hit for year in year out, k-ching k-ching!

Do you know if a second property complicates the savings aspect of above and, if so, what do you high-flyers do to keep your 2nd/3rd/4th etc pads out of the spotlight???

Cheers,

Webkey.

[Sockpuppet]

Child tax credits....


Blooming hell...I'm sucha nipper my partents are still claiming thiers for me

[chris79]

Personally speaking I think the whole tax system in this country is a joke, far too complex, inefficient and bureaucratic.