Tax credit - help!

estimator

Hiya

I wondered if anyone can give me some advise... I am a single parent with two young children. I work full time and my daughter goes to full time nursery. I claim tax credits.
My salary is made up of a basic and then the company give a bonus quarterly.
I was told by the adviser of the tax credit help line that its best to over estimate, than under estimate. So I based my earning on the total amount. I didnt earn that at the end of the tax year- so what happens now- do they refund you the difference once you give them your p60?

Thanks heaps!

no1catman

estimator wrote: »

Hiya
I wondered if anyone can give me some advise... I am a single parent with two young children. I work full time and my daughter goes to full time nursery. I claim tax credits.
My salary is made up of a basic and then the company give a bonus quarterly.
I was told by the adviser of the tax credit help line that its best to over estimate, than under estimate. So I based my earning on the total amount. I didnt earn that at the end of the tax year- so what happens now- do they refund you the difference once you give them your p60?
Thanks heaps!

You don't have to wait for the P60, with the payslip for the end of the tax year work out your total gross pay for the year i.e. after pension & any charity deductions, but before tax; and work out any 'other income' i.e. building society interest etc. Inform the Tax Credit people the figures, the sooner the better & they will increase the payments to make up for what you should have had, had the figures been more predictable!