Life changes dramatically when a new baby arrives in the family. Quite apart from the shift in family dynamics due to the additional, demanding family member, it could mean one parent leaving work either on temporary leave or permanently to become a stay at home parent.

Changing your working situation means changes in your tax situation, so it’s worth considering how those changes might affect you and what other things you could do to prepare.

Tax Considerations When You’re About to Have a Baby

Are You Due a Tax Rebate?

If you’re leaving permanent work part way through the financial year and have been paying tax on a PAYE basis, you may be due a refund on the tax you’ve paid so far. You have the option of waiting until the ends of the financial year when HRMC will eventually get round to calculating whether you paid too much tax and issue a refund if it’s due.

You can also claim a refund part way through the tax year if you’ve left employment by completing a P50 form which you can do online. Providing the details you supply match those held by HRMC you shouldn’t need to do anything else. If there is any discrepancy you may be asked to send in parts 2 and 3 of your P45.

 

Claiming Child Tax Credit

Child tax credit can be a big help with meeting all the additional bills that a new baby introduces. How much you can claim depends on individual circumstances and your new household income, so here’s a rough guide assuming you don’t have childcare costs:

  • With one child the household income limit is £25,000
  • With two children household income rises to £35,000
  • And with three children it’s £40,000

For those with an annual income of £16,105 or less, you can claim the maximum of every child tax credit you’re qualified for. Income above that threshold reduces the amount of child tax credit by 41p for every £1 earned above the threshold.

There are also certain changes in income that you’re obliged to tell HMRC about. For instance, should household income rise by more than £2,500, you  must inform HMRC immediately or risk having been overpaid when reassessment for the following year rolls round. Any overpayment by the tax office must be repaid in full, and can affect any other benefits so it’s not worth delaying.

Changes to child tax credits came into effect in April 2017, effectively stating that support is now limited to the first two children (unless you have a multiple birth), and the family element is removed. This doesn’t affect those who already claim for more children under the old rules.

 

Basic Housekeeping

Any reduction in household income can put a strain on family budgeting, especially when it’s accompanied by the natural higher expenditure of a baby.

Keeping a tight rein on income and expenditure can help. You could, for instance, try treating the household expenses like a small business:

  • Keep hold of receipts until you’ve had chance to note them down in a budgeting spreadsheet or notebook.
  • Make it a regular habit to balance your bank statements against your income/expenses notes.
  • Know where you’re spending most and look for ways to trim costs, in the same way business owners keep control of cash flow.

 

Cutting Your Tax Bill

There are legal ways of avoiding paying too much tax. If you haven’t already, you could consider:

  • Putting savings into the non-taxpaying partner’s name.
  • Get tax relief by starting a pension. It’s possible to put up to £3,600 into a stakeholder pension which would give you some tax relief meaning the actual cost would be £2,800.

 

Having a baby is a thrilling experience that brings huge change into your life. A little planning and forward thinking can take a lot of the financial pain out of parenthood.

Drew writes for Braant Accounting. See their website for more information on balancing your accounts

Save

Follow:

You may call it weight control, weight loss, getting fit or staying healthy, but no matter what, everything is related to what you eat. We think that eating foods low in fat and carbohydrates along with getting regular exercise are the secrets to ultimate weight loss. These so called “conventional” weight management techniques are proven to work, still a lot of people look for speeding up the results as they find it difficult to control their appetite.

While suppressing your appetite is a very hard thing to do, there is an ancient fibre which can lend a helping hand- Glucomannan. This is also going to help those who know that although diet and exercise may help them lose those excess pounds, cravings can ruin any weight loss results.

Where was glucomannan born?

It is a dietary fiber produced from the roots of the konjac plant, found growing naturally in many parts of Asia where it has long been used to curb cravings. Traditionally Konjac root is made into Shirataki noodles, which are thin, gelatinous noodles that are low in calories and flavour, but are perfect for helping you feel fuller for longer.

How does Glucomannan fight the battle?

As you know the main component of Konjac root is this soluble fibre called glucomannan. This is particularly effective for curbing cravings as it is able to absorb vast amounts of water in comparison to its own weight, in fact it can absorb up to 200 times its own weight in water. When you consume glucomannan, it will become exposed to the water present in your stomach which absorbs the water, creating a dense gel that your body will be unable to digest. This will help keep you full for longer and will prevent any food cravings.

Just as the glucomannan slows the digestion, the energy produced from the food you have eaten will be released much slower than usual. This is not the only benefit as you may also experience fewer blood sugar spikes that can lead to food binges. It also delays gastric emptying and slows down the digestion of fats to prevent cravings and hunger pangs. This action of glucomannan also increases stool volume to regulate bowel movements. Undoubtedly, glucomannan fiber is also famous as “one of the best ways to control your hunger”, “nature’s skinny sponge”, and “the best appetite suppressant”. Japanese call it the “broom of the intestines” because of its ability to remove toxins and other harmful compound in the intestinal tract.

Be prepared for any Untimely cravings

As already mentioned you could try Shirataki noodles, however the taste is something you may need to get used to. There are also supplements that also contain Glucomannan which are considered to be one of the best appetite suppressant pills, for being all natural and ensure you take control of your weight without making any changes to your current diet.

 

 

featured post

Save

Save

Follow:

Having fun with your family does not have to come with a thousand pound price tag. If you are trying to make ends meet, you do not need to go overboard getting your loved ones on a cruise ship and hauling them to the other side of the world.

Cheap things to do with your family

 

Here are a few things that will cost you little or nothing:

Head to the park

Nothing is more relaxing than a day out in the park with the family. The good news is that there are a lot of family-friendly parks in the UK, and they come either freely or on the cheap. When you head out, do not forget to carry a little cash for water and snacks. To make things more interesting, throw a football at the back of the car and enjoy a kick about with your young ones.

Play cards in the garden

Buy a pack of playing cards and sit outside with the family. If the kids are new to it, show them how it is done. This way, you get your kids to enjoy it all while at the same time adopting a great attitude toward numbers. Try several simple card strategies and let them win occasionally too!

Watch a film

Buy a film the whole family will enjoy, pick a few everyone likes then flip a coin to decide which one you will watch so there will be no arguments. If you can’t think of any films then there are loads of ways you can find good films, whether it be googling to find films released in 2017 or using a site which reviews films. One good site you can use is whichmovienext.com.

Get some outdoors lunch together

Have someone make a nice meal and when it’s ready, pack the whole family in the car. Ride out to a spacious location and lay everything on the grass. Let the family gobble it all down as they watch the sun sink in the background.

Do some bird-watching

If you live near a wooded area, then grab a set of binoculars and hit the trail. Observe different types of birds from a distance and have fun with the kids, letting each guess what type of birds are on your scope before you reveal the answers. This one is a great nature exercise.

 

 

featured post

Save

Follow:

Women’s FA Cup Final

In recent years The FA have worked very hard to involve girls in the game of football on a local level and to promote women’s football at an elite level. Their efforts are clearly paying off as there was a record crowd of over 35,00o at this years women’s FA cup final at Wembley.

We had the absolute pleasure of being part of that crowd.

Our love of football

As a family our love affair with football dates back to my son attending a soccer tots group age 3. He has been part of a team since he was 5, he trains once a week and plays every single weekend. My daughter watched her big brother play and talk about football endlessly for years. One day when she was a bout 6 she said I’d quite to have a go too mummy and so I signed her up. She trained with a local team for 2 years and continues to play every single morning in the playground. Both my kids love the game; the team work, the challenge and of course the glory of a goal!

My son regularly goes to see Nottingham Forest men’s play with his dad but none of us have ever been to see a women’s team play. We were rather excited to be asked by Britmums and the FA if we would like to come along and lend our voice to promoting Women’s football.

The match

We had a great trip down to Wembley and were beautifully entertained in the Bobby Moore suite. We had great seats at the half way line and it was all very thrilling. There was fire, the national anthem, the players running out to the pitch..and this was before it had all begun. We were transfixed.

We decided early on we were rooting for Manchester city rather than Birmingham  City (knowing nothing about either) and we picked well. They won 4-1  and it was a great game. Such brilliant goals and tackles we were kept on the edge of our seats.

I loved my son was seeing such world class athletes that happened to be women playing and I hope it has changed any stereotypes he may have had about it being a ‘boys game.’ My daughter was clearly blown away by the skills she saw and was completely thrilled with the whole event.

She could not stop smiling,

Womens FA Cup Final

As the teams made their way back on to the pitch after collecting their trophy, she managed to touch hands with a few and congratulate her new heroes.

I know very little about football but found it all very exiting too. We did the Mexican Wave a few times and we all  just LOVED that! The whole atmosphere was family friendly and great fun. What a day out!

We will definitely go to more Women’s football matches and as a whole family too.

It was £15 a ticket and free for under 16’s so a it would prove a very affordable trip to Wembley. I’d say pop it in your diary for next year the Women’s FA cup final is a treat not to be missed!

Do you have a daughter who plays football or have you ever been to watch a women’s football team play? Do leave me a comment and tell me your story.

 

 

 

Save

Save

Save

Save

Save

Save

Follow:

“Men are better savers than women”?

Well, that’s what some people say!

I am always wary of generalisations. I know there are exceptions to every rule. Because of this I rarely give concrete opinions when it comes to anything regarding genders.

As a money blogger though I do find that statements like ‘men are better savers than women’ completely intriguing and I do have an opinion.

From a stereotypical and possibly statistical view I would have to agree, I do think that men are probably better savers than women.

I would base this on the fact that on the whole I don’t think men are marketed to as much as women and perhaps in this way their shopping habits are lessened? Women also usually earn a lot less than men over their life span, often have lower wages and have time out in their child rearing years, all of which possibly leads to less money to save.

Research suggests that women are more likely to go to voucher code sites to get discounts because they know what they want, and that men actually go in search of how to “earn” the items that they want rather than to get discounts.

For example men tend to go in search of sites like Valued Opinions where they can cash out as much as £90 to £120 in gift vouchers for sites like Amazon, Sainsburys, M&S, Boots and more – enabling them to get the latest consoles, games, and tech etc, within a 6 month period depending on how many surveys they take and the surveys available to them.

Interesting – right?

I did a little Google search to check my facts but, oh my goodness, Google is full of so many opinions you honestly could argue that both men and women are the better savers.

One report from Pensionbee looked at some findings from Halifax who researched their customers saving habits along gender lines.

The report even mentioned that men’s testosterone levels may be responsible for their impulsive spending – that did make me giggle. Mind you I do see that impulsivity in my life. My OH will all of a sudden buy a new car or a new guitar (oh we have so many guitars!) whereas I think long and hard about any purchase over £50 that’s isn’t food.

Studies also show that women are more likely to take a steady, long-term approach to finances.

What is your opinion on this?

 

Have you heard of Valued Opinions?

Opinions are funny things aren’t they? They are not always based on facts (facts are hard to ascertain sometimes and unclear) but they are often based on our personal experiences.

Valued Opinions is the UK’s leading survey website. It is free to join and ValuedOpinions.co.uk offers members who sign up rewards from big brands like Argos, Sainsbury’s, and M&S (naming only a few) in exchange for taking online surveys for market research.

Last year they gave away over 800,000 gift vouchers.

This can be a great way to earn a little extra that can really help stretch your budget. Valued Opinions have more than 3 million members sharing their opinions and earning rewards.

Companies love to know what real people like you think!

Whether it’s environmental issues or blockbuster films, fashion trends or favourite foods, your opinion, and those of our 3 million members worldwide, makes a huge difference and can drive real change.

It is super simple to register

You just complete a short registration form, then activate your account. As soon as you are set up you will begin getting offers and then you can share as many opinions as you like!

 

 

 

 

 

 

Save

Save

Save

Save

Follow: