Working tax credit

no-oneknowsme

Zagfles - sorry to hijack but i saw yesterday that you were able to help someone with their payment amounts .

Wonder if you could give me a quick estimate on this :

It looks like we have over estimated our household income by almost £1.3k . If I remember correctly this means we should receive a lump sum once we complete our annual decloration.

Any (rough) idea of how much of a lump sum we would receive ?

Thanks

zagfles

no-oneknowsme wrote: »

Zagfles - sorry to hijack but i saw yesterday that you were able to help someone with their payment amounts .

Wonder if you could give me a quick estimate on this :

It looks like we have over estimated our household income by almost £1.3k . If I remember correctly this means we should receive a lump sum once we complete our annual decloration.

Any (rough) idea of how much of a lump sum we would receive ?

Thanks

Depends on circumstances. They might be basing your payments on last year's actual income if that's lower than your estimate of this year's, due to the disregard. There's no easy answer with tax credits:(

What was last year's actual earnings? What was your estimate this year? How many kids?

no-oneknowsme

We have three qualifying kids.

Last years actual income was £21,000

Then OH lost his job and we informed tco and our payments jumped and in April last year we received a payment that they had held back as a potential payment .That potential payment was around £1.5

Income they used last year as our estimation for this year was £16,500

This years actual income looks set to be £15,200 (ish)

Thanks again (and sorry to the OP of this thread)

zagfles

no-oneknowsme wrote: »

We have three qualifying kids.

Last years actual income was £21,000

Then OH lost his job and we informed tco and our payments jumped and in April last year we received a payment that they had held back as a potential payment .That potential payment was around £1.5

Income they used last year as our estimation for this year was £16,500

This years actual income looks set to be £15,200 (ish)

Thanks again (and sorry to the OP of this thread)

I assume you qualify for WTC (ie working over 16 hours). In which case the lump sum would be 39% of the underestimate ie about £500.

superwoman4

zagfles wrote: »

Probably. What's your joint annual income going to be this tax year if you resign now?

As per original post, that is not entitled to WTC on joint income.
I don't mind my thread being hijacked, it's good to know people on here are willing to give good advice and help others without being judgemental. Thank you.

no-oneknowsme

zagfles wrote: »

I assume you qualify for WTC (ie working over 16 hours). In which case the lump sum would be 39% of the underestimate ie about £500.

Hey , thanks for this.

Yes , we qualify for wtc as we both work.

A :rotfl:nice little windfall heading our way then.

Thanks again