Nicetoknow
Registered User
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- 83
Hi.
I'd appreciate if someone could advise on whether my calculations are correct.
My husband currently earns 70000 plus 8% employer pension contributions. He avails of an ESPP and geta a 5% discount on shares, buying 10% of his gross income in shares each year and then selling them to avail of the yearly CGT allowance.
He works part time in a company I own (evening and weekends). He currently doesn't take an income for this work.
I work for a company and earn around 75000 plus 8% employer pension cons. I also own a company in which I work (evenings and weekends). Last year I took the profits from my company as 48000 pension cons into a directors pension and 65000 as income on which I paid tax at the top rate.
We pay childcare of 2000 a month.
We are considering my husband could give up his 'day job' to enable us take care of our children. He would still work evenings and weekends in my company and we propose he is paid 355000 a year salary.
So our income would change to
- 35000 (husband from company)
- 48000 (pension from company - may be split between us)
- 75000 + 8% (my salary from day job)
- 30000 (my salary from my company)
Childcare costs would be 400 a month.
My assessment is that we would be about 22000 worse off annually (including 5600 in missed pension cons) if my husband gives up his day job but am I right?
He is proposing to do this for a year and see how we get on. After a year, if he wants to return to his day job, I think that he would be able to given his skills and experience.
Thanks in advance for help figuring this out.
I'd appreciate if someone could advise on whether my calculations are correct.
My husband currently earns 70000 plus 8% employer pension contributions. He avails of an ESPP and geta a 5% discount on shares, buying 10% of his gross income in shares each year and then selling them to avail of the yearly CGT allowance.
He works part time in a company I own (evening and weekends). He currently doesn't take an income for this work.
I work for a company and earn around 75000 plus 8% employer pension cons. I also own a company in which I work (evenings and weekends). Last year I took the profits from my company as 48000 pension cons into a directors pension and 65000 as income on which I paid tax at the top rate.
We pay childcare of 2000 a month.
We are considering my husband could give up his 'day job' to enable us take care of our children. He would still work evenings and weekends in my company and we propose he is paid 355000 a year salary.
So our income would change to
- 35000 (husband from company)
- 48000 (pension from company - may be split between us)
- 75000 + 8% (my salary from day job)
- 30000 (my salary from my company)
Childcare costs would be 400 a month.
My assessment is that we would be about 22000 worse off annually (including 5600 in missed pension cons) if my husband gives up his day job but am I right?
He is proposing to do this for a year and see how we get on. After a year, if he wants to return to his day job, I think that he would be able to given his skills and experience.
Thanks in advance for help figuring this out.
