Tax credits question

lucyabc

We have had a change in circumstance which means we should be entitled to about a extra £30 a week TC. But we received an overpayment a couple of years ago and are paying it back at the basic rate. If we report the change in circumstance now we will get a bit extra every week or if we dont and just give the full details when we get our P60's at the year end we should be entitled to a lump sum. We just dont know whether if we leave it TC will take it off our overpayment and therefore we wil not get any

Thanks

[Deleted User]

If you notify TCO now they will only take back a percentage every week.

If you receive more than the basic family element of £547 pa. you will only pay back 10% or 25% of your weekly amount.

If you wait until your declaration next year they will normally just deduct it from the overpayment and you wont receive any lump sum.