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Can you help with regards to Working Tax Credit Underpayment?
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paulofessex wrote: »This has confused me, surely the estimated figure of earning given in April 09 lets say was for the year ahead 09/2010, and is only now when you get the P60 in 2010 you can confirm actual earning, hence why overpayments can also occurr.
The whole issue of Tax Credits are confusing to me.
No, the estimated figure has nothing to do with that tax year. Only the P60 info does from the previous year. (Unless you phone with a change of circumstances)
The estimated figure at renewal is only for use on next years calculations, I.e April 6th 2011 until time of your next renewal (May-June 11) It is so they get the award approximately right between these dates.
If they didn't do this then they wouldn't know how much to pay you in April of every year whilst all the renewals were being processed.0
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