C
clonetrooper
Guest
Hi all,
Been reading through the various scenarios and situations but have not seen my one (apologies if I have not browsed back far enough).
My wife and I both currently work and are registered with Revenue as married, treated jointed but assessed seperately and receive the full married tax allowance.
My income is over €90k while my wife's income is approx €55k. We have 2 children and having looked at our monthly costs it has become apparent that a significant portion of my wifes income is paying for childcare or related costs. If my wife gives up work, what exactly can she claim and what will transfer to me ? The key question for us is "if she gives up work and give me her various allowances, could the reduction in tax I pay (if she gave up work) balance out the "net" contribution left from the income she is currently making after accounting for childcare? ". To do the calculation I need to figure out what changes.
I assume that the following can\might happen:
1. Her Tax credits (not PAYE credits) will move to me
2. Do the tax bands also change for me ?
3. Can she claim jobseekers allowance ?
4. Can she claim carers allowance ?
Hope you can tell me what will change and what we\she can do to max our income ?
Been reading through the various scenarios and situations but have not seen my one (apologies if I have not browsed back far enough).
My wife and I both currently work and are registered with Revenue as married, treated jointed but assessed seperately and receive the full married tax allowance.
My income is over €90k while my wife's income is approx €55k. We have 2 children and having looked at our monthly costs it has become apparent that a significant portion of my wifes income is paying for childcare or related costs. If my wife gives up work, what exactly can she claim and what will transfer to me ? The key question for us is "if she gives up work and give me her various allowances, could the reduction in tax I pay (if she gave up work) balance out the "net" contribution left from the income she is currently making after accounting for childcare? ". To do the calculation I need to figure out what changes.
I assume that the following can\might happen:
1. Her Tax credits (not PAYE credits) will move to me
2. Do the tax bands also change for me ?
3. Can she claim jobseekers allowance ?
4. Can she claim carers allowance ?
Hope you can tell me what will change and what we\she can do to max our income ?