Newly unemployed - Tax Credits

J

JIMOMA

Guest
Hello all, new poster & newly unemployed. Would like to enquire if any one can advise me - As said, newly unemployed, married three kids, taxed jointly. Wife has a gross salary of 48k i had a gross of 30k, does it make sense to swap over tax credits and would we be entitled to any tax back, basically i am confused because i will soon be receiving jobseekers benefit and after many hours googling i still dont understand the implications of the jobseekeers benefit which is taxable and how that might interfere in allocating my credits to my wife and or claiming tax back. Hope this makes sense, any help much appreciated!
 
You should ring the tax-office and instruct them to reallocate the maximum amount of tax credits to your wife. That will reduce her tax each month which is beneficial if she is currently paying 41% on some of her income.

You will still have a minimal tax credit and cut-off point available against your job-seekers benefit.
 
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