Child benefit

[dcx]

Hi Everyone

My wife and I just had our first child, I was wondering if I should be/can claim anything like child benefits? Did a search and couldn't find anything

I have claimed paternity pay for 2 weeks.

Cheers

[LisaContractorUmbrella]

Have a look here https://www.gov.uk/child-benefit and here https://www.gov.uk/child-benefit-tax-charge

[northernladuk]

Have a look at this thread http://forums.contractoruk.com/welco...uk-forums.html

Using that format you should be able to find quite a few threads that might interest you things you can do as a contractor with kids.

Might want to drop PC a note as well, he is our resident benefits expert.

Are you LTD or umbrella by the way?

[Martin at NixonWilliams]

Hi Everyone

My wife and I just had our first child, I was wondering if I should be/can claim anything like child benefits? Did a search and couldn't find anything

I have claimed paternity pay for 2 weeks.

Cheers

You will be eligible for state child benefit. Note that there are new rules effective from 7th January 2013 that require you to repay the child benefit if your income (or your higher earning partners income) exceeds £50,000. The benefit is withdraw at 1% for each £100 earned above £50,000, meaning that once your income exceeds £60,000 the benefit is withdrawn in full.

If your income exceeds £60,000 you can opt out of receiving the child benefit, however make sure you claim you entitlement to the income even if you do not receive it, the reason for this is because it affects your entitlement to state pension payments.

If you are operating your own business and intend to use a childcare provider at some point, you can claim these costs through the business up to monthly limits of £243, £124 and £97 depending on the marginal rate of tax your earned income falls into. This can often return a very good tax saving.

Thanks
Martin

[TheCyclingProgrammer]

If you are operating your own business and intend to use a childcare provider at some point, you can claim these costs through the business up to monthly limits of £243, £124 and £97 depending on the marginal rate of tax your earned income falls into. This can often return a very good tax saving.

x2 if the child's mother is a company employee or officer (e.g. co. sec).

[Eirikur]

I used to pay my child's childminder directly from the company bank account the maximum allowed £247 or so per month. Saves taxes on your company and dividends so it's a 30% or so reduction. You can do the same with a nursery.
Childminder or nursery needs to be registered with ofsted.

[DirtyDog]

Hi Everyone

My wife and I just had our first child, I was wondering if I should be/can claim anything like child benefits? Did a search and couldn't find anything

I have claimed paternity pay for 2 weeks.

Cheers

If your wife is stopping work for any length of time, then she should claim in her name, so that she gets the NI stamp.

[Alias]

A slight aside from child benefit, you can get free life cover from Aviva for both you and your wife until your child's first birthday...

[SimonMac]

Have a look at this thread http://forums.contractoruk.com/welco...uk-forums.html

Using that format you should be able to find quite a few threads that might interest you things you can do as a contractor with kids.

Might want to drop PC a note as well, he is our resident benefits expert.

Are you LTD or umbrella by the way?

Child benefit should be claimed for, if you are over the £50,000 threshold you have bigger problems than the £20 a week you won't be getting as you are paying more out in avoidable tax than you will lose from CB

EDIT: PS Congrats to you and your missus, welcome to the club, the pay is tuplie but its the best job in the world!

[dcx]

wow, thanks everyone for the suggestions, some great information here!

i am ltd company by the way