Underestimated Income Tax Credits

jakesmummy05

We had our renewal letter and I realised I underestimated our income as I received a bonus from work after going back after mat leave.
Our joint income has gone from 18500 estimated to 20500 actual.

I am now worried sick we will have loads to pay back.

Can anyone advise on this?

I have rung them and renewed by phone.

Thanks

TaxCreditHelp

A difference of £2000 shouldn't make much difference to your Tax Credit award but it depends on your circumstances. It's best to wait a few days and call them back to ask what your finalised award is for 2009/2010 as it takes around 3 days for the system to fully process completed renewals.

Also, if you were receiving SMP you can disregard the first £100 of this when calculating your income.

avababy09

can anyone help? have an underpayment due from 09/10 due to being on maternity leave, and although 10/11 renewal seems to be have been processed, my single potential underpayment has been refered to TCO and i am still waiting!
has anything similar happened to anyone else??

Borgie

avababy09 wrote: »

can anyone help? have an underpayment due from 09/10 due to being on maternity leave, and although 10/11 renewal seems to be have been processed, my single potential underpayment has been refered to TCO and i am still waiting!
has anything similar happened to anyone else??

Did you renew with Mainline or specialist team?

wobblymummy

Hello OP

I had a similar situation to you but we were getting a small amount of WTC so we have been overpaid this for the past 12 months and its classed as an overpayment and they are taking it out of this years award, I have yet to see this years potential award though as they havent sent it to me to say how much we would get and how much we would be entitled to anyway, I believe this is meant to arrive within one month of sending in last years figures

avababy09

renewed via the mainline