Tax Credit Annual Review

mandij30

Was just doing my Tax credits annual review, and when putting in my actual earnings as an employee. I noticed that it is £600 more then the figure I gave them the previous year. I think that is down to a combination of minimum wage increasing last year & possibly a little bit of overtime.

Now my concern is, do they have a disregard amount ?? or will I be expected to pay back an overpayment. All previous years my annual earnings have stayed around the same amount, give or take £200. And they haven't effected my new award. Now with £600 it's alot more. Or will they just base the new award on the new amount & adjust my entitlement accordingly ??

I'm getting myself in such a state over this.. all help would be appreciated
Many Thanks

themonkeybutler

Every case is individual, but its hugely unlikely you will have an overpayment unless any other of your circumstances have changed.

mandij30

Nope my circumstances are still the same. Same working hours and same personal circumstances. Its just that I earn't £600 more, in that Tax year.

nannytone_2

isnt there a 25k disregard? meaning that there wouldnt be an overpayment for last year, but the total would affect the entitlement this year?
its quite possible im wrong, but someone will correct me!

woozywendy

My husband had a bonus of £500 one year and it did not make any noticeable difference to our tax credits.

wkd_2

:)Hi im a single parent who works and earns under 15k, as i have been struggling with my morgage repayments recently i have now taken in a tenant to help with the costs at £70 a week, im wandering if this will affect my tax credits and if i have to declare it plz??? would be greatfull if you could help me...

themonkeybutler

wkd wrote: »

:)Hi im a single parent who works and earns under 15k, as i have been struggling with my morgage repayments recently i have now taken in a tenant to help with the costs at £70 a week, im wandering if this will affect my tax credits and if i have to declare it plz??? would be greatfull if you could help me...

Im not actually sure with this one. You can "rent a room" tax free, up to about £3500ish per year. Since this is not taxable, i dont THINK this would need to be declared as income for TC purpose BUT YOU NEED TO DOUBLE CHECK with the helpline. Its not something ive come across before, but i know inheritance income (providing its under the taxable threshold) is not income for TC purposes, so sine the rental income for your room isnt taxable either, i would imagine its the same. BUT DEFO CHECK!!

deedeeuk

Does anyboady know , how long a renewal is taking, I renewed around the 5th May and I still havent heard anything???