Hi All,
My brain is all muddled now with figures and I'm wondering if someone can help us out!
Our nursery bill is £560 per month (for 2.5 days a week for one child), and currently we pay £243 each from our childcare voucher work schemes, and the rest we pay by direct debit (£74).
Our joint income is £ 35,725 (before tax and any deductions). And we don't get any tax credits or anything. I've done some online calculations recently for tax credits and housing benefit (as money is becoming a real struggle!) and I'm getting differing reports, so I'm guessing I am doing something incorrect.
When doing the online calculators, do I put down that our childcare costs are £140 a week? Or is that incorrect? According to the calculations I've done this morning we are entitled to over £70 per week in housing benefit and tax credits, so I'm guessing i must be doing something wrong!
Is there a way of balancing the two so you get the best from both schemes? It says on the tax credits website:Almost everybody will be worse off by taking vouchers from April 2012. This is because the reduction you get in tax and national insurance by having the vouchers taken out of your salary before you are taxed is less than the advantages you get through claiming tax credits..
Thanks all!
My brain is all muddled now with figures and I'm wondering if someone can help us out!
Our nursery bill is £560 per month (for 2.5 days a week for one child), and currently we pay £243 each from our childcare voucher work schemes, and the rest we pay by direct debit (£74).
Our joint income is £ 35,725 (before tax and any deductions). And we don't get any tax credits or anything. I've done some online calculations recently for tax credits and housing benefit (as money is becoming a real struggle!) and I'm getting differing reports, so I'm guessing I am doing something incorrect.
When doing the online calculators, do I put down that our childcare costs are £140 a week? Or is that incorrect? According to the calculations I've done this morning we are entitled to over £70 per week in housing benefit and tax credits, so I'm guessing i must be doing something wrong!
Is there a way of balancing the two so you get the best from both schemes? It says on the tax credits website:Almost everybody will be worse off by taking vouchers from April 2012. This is because the reduction you get in tax and national insurance by having the vouchers taken out of your salary before you are taxed is less than the advantages you get through claiming tax credits..
Thanks all!