Tax credit renewal - general questions (merged)

roundthetwist

I am new to this forum and it is really helpful. Anyway i have just recently discovered that i have made a massive b***s up with my tax credits. When my daughter turned 16 my payment for her stopped and the same for my son...i was unaware that i could still claim it if they were in college!! My daughter has been in college for 2 years and i have been told i can only claim a back dated payment from 6th April this year so that is 2 years worth of money i have missed out on. However my son started college in september last year and they are back dating his payments from that time?? Anyway i am very grateful that my weekley payments will go back up ( it will help with bus fares etc) cant understand why one is being back dated further than the other???
Anyway i just hope anyone reading this will not find themselves in the same situation as us.! I know all the information is there so it was my own silly fault for not reading it all !

Pink_elephants_n_lemonade

Still waiting for my renewal forms. Do they have until the end of May or June to send them out?

carebear13

end of june- mine only came on friday.

kirstle99

Just a quick question, I hope someone can help me. I was on the 39 weeks statuatory maternity pay (the 6 weeks at 90% and the 33 week normal rate one) all in the last tax year.

How many weeks do I deduct the £100 per week for? Is it the full 39 or the 33 I got the reduced rate?

I haven't had my pack yet but I want to be ready when it comes!

carolissosmiley_2

Hi,

We receive tax credits and I have just returned the forms for this year.

We have just moved to a new house and in order to move, we are renting out our old house because we couldn't sell it.

At the same time as us moving, my husband is now off work with stress so our income will go down by about £300 a month.

So can someone please explain what happens about the house we are renting out? What do we declare? Is it how much the house is worth, the amount of rent received? And do we declare this now or in next years renewal?

Also do I need to tell them now about the drop in income each month. I get really confused with the this year and last year bit!

Thanks anyone who can help

tinkerbell28

The rental income will be taxable. Minus expenses etc. Which will Ofc will be declarable to ctc. However this year unless your rental income will take you 10k over what you earnt last year then there will be no change until next year. If it does declare it now as you will be overpaid.

Your hubby is losing £300 but I dare say the taxable income from your property would be more than that...so no increase. His income is going down, but technically your taxable income will be going up.

I think you need someone to go over your figures. As you don't seem to know where to start with the basics. Your house value has nothing to do with it. Rental income is taxable minus allowable expenses. Such as, advertising, insurance, mortgage INTEREST, fees, repairs.

carebear13

kirstle99- its £100 for the full 39 weeks

Candy53

Does anyone know yet what happens when your ctc stopped this year because earnings above 26k? Our payment stopped on 2nd April, but we've had no letter, no renewal form. I expected it to be officially ended, but it feels as though things have just been left.

Candy

samnbobsmum

Hi, I've just received my renewal pack but I did alot of temp work last year and have worked out my income from my bank statements but it's net how do I work it out to gross, just an average for an estimate, or can I put it in as a net figure? Thanks.

carebear13

take a look at uktaxcalculators.co.uk-there is a reverse calculator on there.hth