We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help with Working Tax Assessment......
apoole
Posts: 25 Forumite
I live on my own and work 37 hours a week, I have a disability (wheelchair bound following an accident). I was informed by a colleague that I should look at claiming 'Working Tax Credits' Disabled element.
I rang the tax credits office and provided them with my income details etc. I informed them that I have £212K in tax free ISA's. I was advised by the person on the phone line at the Tax Credit Office that tax free savings do not affect your claim to Working Tax Credits, although I felt unsure about this I agreed for my claim to Tax Credits to be assessed. I have received my confirmation letter this morning that states that I am entitled to £164.59 WTC (Disabled Element) a month.
Can this be correct, surely my savings should have some effect on this? or do tax free savings not count?
If my assessment is correct, I feel that I need something more in writing to confirmed this or if I keep a record of my telephone conversation with the tax credit office (date and time) will this confirm my assessment, should any future questions be ask?
I really don’t want to claim this benefit if I am not entitled? I wish I had never rang them. Should I just cancel it before any payments are made? It has made me feel ill.
Any advice will be gratefully appreciated.
I rang the tax credits office and provided them with my income details etc. I informed them that I have £212K in tax free ISA's. I was advised by the person on the phone line at the Tax Credit Office that tax free savings do not affect your claim to Working Tax Credits, although I felt unsure about this I agreed for my claim to Tax Credits to be assessed. I have received my confirmation letter this morning that states that I am entitled to £164.59 WTC (Disabled Element) a month.
Can this be correct, surely my savings should have some effect on this? or do tax free savings not count?
If my assessment is correct, I feel that I need something more in writing to confirmed this or if I keep a record of my telephone conversation with the tax credit office (date and time) will this confirm my assessment, should any future questions be ask?
I really don’t want to claim this benefit if I am not entitled? I wish I had never rang them. Should I just cancel it before any payments are made? It has made me feel ill.
Any advice will be gratefully appreciated.
0
Comments
-
It's only the interest of savings that aren't tax free over £300 pa that affects tax credits.
ISAs aren't taxable.Sealed pot challenge #232. Gold stars from Sue-UU - :staradmin :staradmin £75.29 banked
50p saver #40 £20 banked
Virtual sealed pot #178 £80.250
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards