Tax credit renewal - general questions (merged)

georgiasdragons

Sorry to be difficult but I thought rather than creating a whole load of threads I'd try asking a bunch of questions in one. Please feel free to answer any question or all questions. As always thanks will be given.

1. Is there a way of filling out your tax credits form online?

No this is not available

2. Having just filled out a tax return online and been told I'm entitled to a refund :T can anyone indicate how long it will take for the money to arrive in my account?

keep checking online to see if the repayment is available or repayment pending, it can be in as quick as 48 hours or if you have a spot check can take 4 weeks

3. Do tax credits give refunds (ie if they underpay - I'm expecting them to have underpaid as they based my calculation on my inflated estimate of my earnings) or do they just spread it over the next year?
Some people on here have had lump sums and some have had their monthly payments increased instead

4. How long do tax credits take to process forms?

Mine was very fast about 10 days before i got paper work

5. If you sell a property, do you have to declare it on tax return even if you know you wont have to pay tax on it? (eg buy a house for £180,000 then sell it two years later for £175,000 so you know you've made a loss and there is no tax to pay) I haven't this year, but was wondering whether I need to start reading up on that section of the tax return in readiness.

No Idea on this sorry

Thanks all.[/QUOTE]

ticktactoe

re post message

hi is any one else waiting for an update on there tax credits renewal i updated on the 13 may and was told not to call back until 24 June and that they are double checking all childcare elements hence the wait has anyone else been told this ???

Borgie

ticktactoe wrote: »

hi is any one else waiting for an update on there tax credits renewal i updated on the 13 may and was told not to call back until 24 June and that they are double checking all childcare elements hence the wait has anyone else been told this ???

I am the same as you and they told me they will not tell me over phone I have to wait for letter or notification.

cassie105

I did my renewal last Friday and my income was over 5k lower than estimated and i forgot to ask about an underpayment. So i thought i would be cheeky and ring them today even though they said not to ring for 2 weeks. I spoke to a really helpful lady who said my renewal had not been finalised as in the peper work issued but she did look on the notes and said that it stated that i would recieve a payment on the 2nd of June which is thursday for £1994.94p and a small payment for this year on the same day of £5.35p and she could tell me that my monthly payments will be going up to £304 where they are currently £132.

I know that next year our payments will drop quite dramatically due to the £10k disregard this year but i will be able to put a lot of our new payments aside and finally get some savings behind us. it has been a tough year for us with my partner being laid off for 3 months over Christmas so it is nice to see something going our way. I feel a bit guilty getting such a large lump sum but we have struggled through this year, wiped out all our savings and it is only what we are owed.

really pleased with the timescale of my renewal even if i was very impacient waiting for my renewal pack lol:j

Kimitatsu

It is your brothers gross income that he needs to declare - he cant take off the maintenance he pays to lower his gross income.

Any maintenance that his wife recieves from maintenance is not included in the household income for benefits either.

So in a nutshell whatever is on his P60 he declares and thats it for income from employment. He doesnt need to declare the maintenance.

Borgie

cassie105 wrote: »

I did my renewal last Friday and my income was over 5k lower than estimated and i forgot to ask about an underpayment. So i thought i would be cheeky and ring them today even though they said not to ring for 2 weeks. I spoke to a really helpful lady who said my renewal had not been finalised as in the peper work issued but she did look on the notes and said that it stated that i would recieve a payment on the 2nd of June which is thursday for £1994.94p and a small payment for this year on the same day of £5.35p and she could tell me that my monthly payments will be going up to £304 where they are currently £132.

I know that next year our payments will drop quite dramatically due to the £10k disregard this year but i will be able to put a lot of our new payments aside and finally get some savings behind us. it has been a tough year for us with my partner being laid off for 3 months over Christmas so it is nice to see something going our way. I feel a bit guilty getting such a large lump sum but we have struggled through this year, wiped out all our savings and it is only what we are owed.

really pleased with the timescale of my renewal even if i was very impacient waiting for my renewal pack lol:j

I phoned up hoping for a response like this !! wish I had not as they got really cagey with me - he read my notes and said he could disclose nothing and I would have to have it in writing etc etc - I am sure it is to do with child care.

Redundolita

Horlock wrote: »

5. If you sell a property, do you have to declare it on tax return even if you know you wont have to pay tax on it? (eg buy a house for £180,000 then sell it two years later for £175,000 so you know you've made a loss and there is no tax to pay) I haven't this year, but was wondering whether I need to start reading up on that section of the tax return in readiness.

Thanks all.

Yes you will need to declare this, but it's in your interests to do so as it notifies HMRC of a capital loss ( don't forget to add any expenditure you incurred when buying and selling the property ). You can then carry this capital loss forward as many years as you need to, until you make a capital gain which is bigger than your annual capital gain allowance. You may then offset your carried forward loss against any potentially taxable gain. :j

joe65

In my work place would I be able to claim bottles of water as an expense, not trying to fiddle tax credits, but going by the leaflet

Work expenses you have paid out, but employer has not paid back: These expenses must be wholly, exclusively and necessary in the performance of your duties

My wtc includes disability element because I dont keep well, I have a heart condition but able to work, the slightest dehydration can cuase me to feel unwell, and to combat this I have to drink plenty of water, so this involves me having to buy water, on a daily basis, so I am in a fit state to work

dmg24

One simple word ... No!

Kimitatsu

joe65 wrote: »

In my work place would I be able to claim bottles of water as an expense, not trying to fiddle tax credits, but going by the leaflet

Work expenses you have paid out, but employer has not paid back: These expenses must be wholly, exclusively and necessary in the performance of your duties

My wtc includes disability element because I dont keep well, I have a heart condition but able to work, the slightest dehydration can cuase me to feel unwell, and to combat this I have to drink plenty of water, so this involves me having to buy water, on a daily basis, so I am in a fit state to work

Your disability element covers this though so you would not be able to claim it again