I have earned less than i told tax credits. Help

main273

Hi,
We have earned less than our estimated income. We had a couple of months off work unpaid due to family matters. Our total income for the year is down by about £3000 for the tax year 2009/2010.
Are we entitled to this money back or will tax credits add it to our payments for 2010/2011?
Any advice would be a great help.

mitchaa

What were the figures?

If you stated earnings of £50k and only earned £47k then it will make sod all difference. If you stated £10k and only earned £7k, again it will make sod all difference.

If you stated £20k and earned £17k, then you will get a 1 off payment in addition as a back payment.

main273

We were down to earn 19k and the actual figure was £16,200 so thats a short fall of £2800

mitchaa

You should get an additional payment probably at some point at the later end of this month or next month.

Not sure on the amount, that depends on your circumstances, I.e how many children etc

raq

mitchaa
Hope you don't mind me asking a similar question.

We quoted £10k for 2009/2010 and only made £5k.

got 3 kiddies and I am not working, husband only working. What are our chances over having an overpayment due to the short fall.

Thanks Mitchaa

Regards
Raq

karenx

Was your award based on the years actual earnings or the previous years with just an estimate of what you will earn in the current year?
If your award was based on that income you could find you have an overpayment to pay back?
If your award was based on the previous year but that was just an estimate then you should be ok!

raq

£10k was based on the year of 2009/2010

sorry just realised, I meant to say in my first question. Would we have a payment BACK from wftc or would WE have to pay it back.

Thanks for the quick reply

codwidow

karenx wrote: »

Was your award based on the years actual earnings or the previous years with just an estimate of what you will earn in the current year?
If your award was based on that income you could find you have an overpayment to pay back?
If your award was based on the previous year but that was just an estimate then you should be ok!

Hi

I dont really understand this ?
Our income when we come to renew our 2010/2011 will be significantly less now though

What will happen ?

raq

codwidow wrote: »

Hi

I dont really understand this ?

I think we have underestimated our income for this year. We estimated based on last years 2008/2009 income.

Our income when we come to renew our 2010/2011 will be significantly less now though

What will happen ?

hi there, just to let you know my question is EXACTLY THE SAME AS YOURS.:o

codwidow

I think we may end up with an overpayment but not sure about the 25k disregard and also I think our tax credits would go up after April this year. Its all very confusing.

raq

We have had an extremely quiet year, work wise and financially has taken a real beating. This is why we really need to find out if we are due anything from wftc.