I've had a read through other threads referring to unpaid leave but struggling to get my head around what the best approach for our particular situation is, and would appreciate any advice. We are a married couple, already jointly assessed and over the next year or so, both of us intend to take separate unpaid leave periods of approx. 2-3 months each (mine will be unpaid maternity leave and my husband's will be unpaid parental leave).
Currently I earn approx. 60k and my husband earns 40k. My rate band is approx. 45000 and husband's 26000; my tax credits approx. 5000 and husband's 1650. My husband previously earned under 35k so it was set up for me to have his remaining band etc. and we haven't changed it since his salary increased as my understanding is it's the same joint pay regardless.
I am wondering whether we should make any changes to the above allocations for a) the period I am on unpaid leave and b) the period my husband is on unpaid leave? E.g. for a) should I "give back" my husband's personal tax credit and band etc., and can I give him any of my "unused" credits/band? Is it worth doing this for only 2-3 months? I read on another thread that it might just be better to leave as is and claim any overpayment back at the end of the year, but I'm not fully sure I've understood this correctly so appreciate any advice!
Thanks
Currently I earn approx. 60k and my husband earns 40k. My rate band is approx. 45000 and husband's 26000; my tax credits approx. 5000 and husband's 1650. My husband previously earned under 35k so it was set up for me to have his remaining band etc. and we haven't changed it since his salary increased as my understanding is it's the same joint pay regardless.
I am wondering whether we should make any changes to the above allocations for a) the period I am on unpaid leave and b) the period my husband is on unpaid leave? E.g. for a) should I "give back" my husband's personal tax credit and band etc., and can I give him any of my "unused" credits/band? Is it worth doing this for only 2-3 months? I read on another thread that it might just be better to leave as is and claim any overpayment back at the end of the year, but I'm not fully sure I've understood this correctly so appreciate any advice!
Thanks