Hi
My wife is currently on Maternity leave from work. She has been on maternity leave for about 2 weeks now. She isn't being paid by her company while on leave (as the directors decided to pay themselves bonuses of millions during the boom while leaving the rainy day pot empty but thats another story) apart from a payment which works out at 10% of her annual salary (the company are paying the tax on this so she will get 10% net of her salary) at the end of this month.
Obviously she will be getting the maternity benefit during the leave period.
My questions is would it be better for us financially to have her tax credits transferred to me for the duration of the leave or would it be better for her to claim back her overpayment of tax at the end of the financial year.
Any advice greatly appreciated.
My wife is currently on Maternity leave from work. She has been on maternity leave for about 2 weeks now. She isn't being paid by her company while on leave (as the directors decided to pay themselves bonuses of millions during the boom while leaving the rainy day pot empty but thats another story) apart from a payment which works out at 10% of her annual salary (the company are paying the tax on this so she will get 10% net of her salary) at the end of this month.
Obviously she will be getting the maternity benefit during the leave period.
My questions is would it be better for us financially to have her tax credits transferred to me for the duration of the leave or would it be better for her to claim back her overpayment of tax at the end of the financial year.
Any advice greatly appreciated.