What's classed as income? We're currently saving up to go BR later this year and trying to find out as much info as possible before hand! We should be in a position to attend court by August, however I'm due to go on maternity leave in October!! Will the OR look at our budget for August and September and then reassess in October when my wage reduces or just set it right from the off at the lower amount? My wage (part time) is only £600 per month and will drop to £450 approx for maternity pay so there's not a huge difference. Also is Maternity pay classed as income? Do they take into account child benefit and child tax credit too?
at least we know we'll have some money to ourselves then! Don't want to delay BR any longer than it'll take us to save up anyway but now tempted to wait until baby arrives as at least then we'll have accurate figures.
It's easier said than done but you shouldn't rush into BR even though you have decided to declare BR. Make sure you have enough money for the BR fee and rent, utilites, etc. Also draw out any cash on the day you are declared BR in case your bank account is frozen. Even with a 'basic' bank account it can be automatically frozen until the OR advises the bank that they don't have any interest in the account.
What's classed as income?
Posted - 25 May 2009 : 22:38:57
