# I want to leave work!



## shannon1 (2 Jan 2008)

Hi 
I am new to this!! I need some advice please. I would love to give up work but obviously if it doesnt cause too much upheaval in our finances.
My husband earns €50K pa. Currently I earn €35K pa. Our mortgage is €1150pm. Thankfully we only have 6 yrs left to pay it off. Childcare for one afer school is €110 pw. I pay a personal pension of €200 pm which I want to keep paying into. Plus usual car expenses, phones, sky, utilities etc. 
Basically I was wondering if I could claim my "stamps" and would husband get more tax relief. 

Thanks


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## ClubMan (2 Jan 2008)

shannon1 said:


> Basically I was wondering if I could claim my "stamps" and would husband get more tax relief.


You can only claim _Jobseeker's Benefit/Allowance _if you are genuinely available for and seeking work. Since this seems not to be the case here you would not qualify. You can estimate the difference between two spouses earning €50K + €35K versus one earning €50K using www.taxcalc.eu . What age is your child? Are you claiming monthly _Child Benefit _(€160 p.m. before Budget 2008) and quarterly _Early Childcare Supplement _(€250 per quarter for under 6's before Budget 2008) payments?


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## shannon1 (4 Jan 2008)

Thanks Clubman. 
My daughter is 5 and yes I am claiming child benefit. Also did as you suggested with taxcalc and it looks like I will be working for a while yet!
Regards
Shannon1


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## ClubMan (4 Jan 2008)

If one spouse becomes a stay at home parent/carer then the couple may qualify for the _Home Carer's Tax Credit _but this is worth a maximum of €770 so will not alter the one spouse earning €50K versus both spouses earning €50K + €35K situation dramatically.

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According to www.taxcalc.eu one spouse earning €50K means c. €3,500 net take home (ignoring _Home Carer's Tax Credit _and _CB/ECS SW _payments, working spouse's pension contributions if any etc.). Less mortgage repayment of €1,150 leaves €2,350. Would this be insufficient for your normal budget/lifestyle?


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## shannon1 (4 Jan 2008)

Will have to check it all out and weigh it up. Thanks again.


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## SarahMc (4 Jan 2008)

If you give up work, you could always mind children, you can earn 15k without paying tax or it affecting the home carers tax credit.  There is a large demand for after school care.


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## shannon1 (5 Jan 2008)

Thanks SarahMc. 
Its something I am thinking of.


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## michaelm (14 Jan 2008)

If you gave up work, your husbands take-home would go up €4530 this year, all things being equal.  You would probably have a net monthly fall in income of circa €2k.  Saving €500 on after school care would bring the net monthly difference to €1.5k.  If you had the possibility to get rid of a second car and save on other work related expenses (lunch, clothes?), and made a few lifestyle changes it may be more doable than you think.  Personally, I wouldn't pay money into a pension unless such money would otherwise be taxed at the higher rate.


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