Hi I’m new to this so please be polite. Ok having taking advice from my colleague who’s 25 years in the Met Police gives him some respect when taking his advise; all things pensions and laws that govern them. Okey dokey this won’t be for all of you, so let’s not start a anti children campaign; just keep your hate to yourself please.
I have 7 (yes seven) children living at home and 10 in total. Three have done enough left home, of which all three work; one of which works for the Railway. Three of my children have passed their 11+ and attended local grammar schools. Who says large family’s can’t succeed. I have been employing the Railway for almost 13 years and loving every minute of it.
My question is, I max Brass contributions which reduces my income, thus having an impact on on Child Tax Credits. One down One up kind of thing. You know where this going ??
Before you start hating, my partner has recently finished 3 years of training, and actively seeking employment as a teaching assistant. Although as I write our youngest of 3 is in the process of starting nursery.
Last year I had to give up overtime and was singled out as someone who was not supporting our small team. Previously I had worked so much overtime Tax Credits had stopped and I became ill. Not sustainable.
Going back to my colleague; his advise is do the overtime and pay this into AVC each month. As such for last few months I have been back doing a little overtime and moving this into my pot of gold at the end of the rainbow. I have spoken to Citizen Advice and a retired DWP employee and many others with vast years of life skills, who say you are doing the right thing. Guv.co.uk claims you can legally pay 100% of your income or a maximum of £40,000 into your pension pot.
Obviously by maxing Brass and moving overtime into my pot, reduces my overall income for Tax Credit purposes.
In my very unique situation with having 7 children at home who all qualify for Childs Tax Credits, my question has to be just how much I can reduce my income and still receive the same support???
I understand that Tax gets taken at source and that you still pay National Insurance on all earnings.
For some this will be contentious I know, but I want to make sure we are the right side of the law.
What’s your thoughts please ??
Keep it decent
I have 7 (yes seven) children living at home and 10 in total. Three have done enough left home, of which all three work; one of which works for the Railway. Three of my children have passed their 11+ and attended local grammar schools. Who says large family’s can’t succeed. I have been employing the Railway for almost 13 years and loving every minute of it.
My question is, I max Brass contributions which reduces my income, thus having an impact on on Child Tax Credits. One down One up kind of thing. You know where this going ??
Before you start hating, my partner has recently finished 3 years of training, and actively seeking employment as a teaching assistant. Although as I write our youngest of 3 is in the process of starting nursery.
Last year I had to give up overtime and was singled out as someone who was not supporting our small team. Previously I had worked so much overtime Tax Credits had stopped and I became ill. Not sustainable.
Going back to my colleague; his advise is do the overtime and pay this into AVC each month. As such for last few months I have been back doing a little overtime and moving this into my pot of gold at the end of the rainbow. I have spoken to Citizen Advice and a retired DWP employee and many others with vast years of life skills, who say you are doing the right thing. Guv.co.uk claims you can legally pay 100% of your income or a maximum of £40,000 into your pension pot.
Obviously by maxing Brass and moving overtime into my pot, reduces my overall income for Tax Credit purposes.
In my very unique situation with having 7 children at home who all qualify for Childs Tax Credits, my question has to be just how much I can reduce my income and still receive the same support???
I understand that Tax gets taken at source and that you still pay National Insurance on all earnings.
For some this will be contentious I know, but I want to make sure we are the right side of the law.
What’s your thoughts please ??
Keep it decent