[phpBB Debug] PHP Warning: in file [ROOT]/phpbb/session.php on line 585: sizeof(): Parameter must be an array or an object that implements Countable
[phpBB Debug] PHP Warning: in file [ROOT]/phpbb/session.php on line 641: sizeof(): Parameter must be an array or an object that implements Countable
Claiming expenses, how does it work? - Page 2 - Carers UK Forum

Claiming expenses, how does it work?

Share information, support and advice on all aspects of caring.
Chris From The Gulag wrote:
Fri Sep 21, 2018 8:12 pm
Short of considering self employment , which has additional advantages for marshalling , the only legit ways to reduce income to keep within the limit to retain CA , are spelt out in the thread / link posted.

The Green " Rizla " Paper due lat this year ... not much left of this year ? ... MAY contain new proposals to ease this problem.

After all . if the Government want family / kinship carers to juggle work with caring , a few bones to do so would be par for the course ?

At the point of a bayonet / further freezing of benefits is hardly the Brittish Way ... until Austerity ?
I am reading and familiarising everything. Is self employment worth it for £71.70? I'm £71.70 over the £120 threshold.

When is the paper due?
Green Paper due ?

We are told by the Government " Later this year " ... continuing delayed as Brexit still dominates both Houses as I type.

Classic case of having the play the cards as dealt now ... a choice faced by low millions over the years.
Don't be scared of pensions - they are really easy now. Search SIPP and then go for a name you recognise. As Henrietta says, it's simply a 'long term' savings account. You can currently withdraw money from a pension pot at 55.

If you are way below 55, starting a pension young is THE best way because the compound interest really, really pays off when you DO reach 'old age'.

A SIPP pension can be left to your children too, so it's a good way to pass on money to them.

DON'T pay into an annuity though. Just keep it to a simple SIPP with low fees.
PS - you don't have to agonise over the choice of SIPP - we are allowed to have 'loads of SIPPs' just as we can have 'loads of savings accounts'. So just start one up for now, to take your income below the CA-exclusion threshold, and later on you can start another one if you want, and either leave the original one 'dormant' or move the money across to whatever new one you have subsequently opened.

They really are just 'long term savings accounts' now, but with significant tax benefits!

(PS I wouldn't join the employer's one if this is not a long-term job if you see what I mean - best to have your own personal pension that goes where you go!) (Employers' pensions are good if THEY contribute as well, otherwise no point!)
jenny lucas wrote:
Sat Sep 22, 2018 12:33 pm
PS - you don't have to agonise over the choice of SIPP - we are allowed to have 'loads of SIPPs' just as we can have 'loads of savings accounts'. So just start one up for now, to take your income below the CA-exclusion threshold, and later on you can start another one if you want, and either leave the original one 'dormant' or move the money across to whatever new one you have subsequently opened.

They really are just 'long term savings accounts' now, but with significant tax benefits!

(PS I wouldn't join the employer's one if this is not a long-term job if you see what I mean - best to have your own personal pension that goes where you go!) (Employers' pensions are good if THEY contribute as well, otherwise no point!)
£71.75 is what I’m over after tax. How would the pension contribution be and is there any other way to marshall it?
One for the local CAB / CUK Advice Team.

We can only go so far with our limited knowledge ... time for the " Experts " to take over ?
I agree, check with he experts. My understanding is that that entire sum of £71.75 has to be paid into the pension. Best to make it £72 I would think!

The purpose is to 'remove' enough of your income to bring you within the limit you can earn to be eligible for CA. You don't lose this money permanently, only while it sits in your pension before you can withdraw it again at 55! (If you want to)

You can't 'have the current enjoyment' of that £71.75, but you can 'bank it for later' in your pension.
You have to put double the surplus into a pension as you can only offset half the pension contribution so if earnings are £71.00 over you need to put in £142.00. Thisa may sound a lot but don't forget you are getting carers allowance plus tax relief on pension contribution so well worth it even if little net gain in your pocket.
I didn't know that Henrietta - thank you!

Seems VERY mean of the taxman (sigh) (and the DWP etc)