Child Tax Credit 2011/12

Steamer28

Hi
I wonder if someone could help? This year I claimed Child Tax Credits for myself and my partner and 2 children.

Because my partner was on Maternity Leave I informed HMRC of the drop in earnings for 2010/11. She has now returned to work and together we earn 35k.

The question is do I need to tell HMRC in April that has earning for next year will be 10k (this year 3K) or should I wait until my renewal notice (May/June) and will the income disguard work for us?

Thanks in advance for any help (forum newbie)

Stuart

woozywendy

You don't need to tell them but you could have an overpayment for this year and will have to pay it back it back next year.

peachy2011

I am currently a single parent of one child working 37 hours per week on the wage of around 11k, I am currently seeking new employment due to not being able to manage on the income i have now.

I am looking for work with the income of around between 15 to 17k but wondering if i will benefit from this on the HMRC tax credits/child credits system, but when i ring them they dont seem to be able to give me the answers am looking for.

If they are going to assess me on my income from 2010/to/2011 for last year how will this effect me on what I earn from 2011/2012 as I am confused to what is the better option ...

The option of earning 15 to 17k does appeal to me like everyone with a wage increase but it means I am away from my child longer hours and travel costs may add up to 2k...

So really all I want to do is way up the better option. (i.e if i was only gaining say an extra 500.00 pounds for the extra time for travel and not seing my child as much i feel wouldnt be worth it but if i was to see a better out come on my earnings then i feel it is worth it and a need to be able to manage better would apply).

I would be greatful if anyone could help me in my question as when i put it in the calculator its an estimate and not really actual figures.

I no they work on estimations but a close as dam it answer would be great .

zagfles

Steamer28 wrote: »

Hi
I wonder if someone could help? This year I claimed Child Tax Credits for myself and my partner and 2 children.

Because my partner was on Maternity Leave I informed HMRC of the drop in earnings for 2010/11. She has now returned to work and together we earn 35k.

The question is do I need to tell HMRC in April that has earning for next year will be 10k (this year 3K) or should I wait until my renewal notice (May/June) and will the income disguard work for us?

Thanks in advance for any help (forum newbie)

Stuart

Doesn't really matter as there's a 10k disregard next year so if your estimate for this year was right and it's no more than 10k higher next year your tax credits next year will be based on what you earned this year. You might want to tell them sometime before April 2012 to avoid an overpayment during the 2012 renewal window...

zagfles

peachy2011 wrote: »

I am currently a single parent of one child working 37 hours per week on the wage of around 11k, I am currently seeking new employment due to not being able to manage on the income i have now.

I am looking for work with the income of around between 15 to 17k but wondering if i will benefit from this on the HMRC tax credits/child credits system, but when i ring them they dont seem to be able to give me the answers am looking for.

If they are going to assess me on my income from 2010/to/2011 for last year how will this effect me on what I earn from 2011/2012 as I am confused to what is the better option ...

The option of earning 15 to 17k does appeal to me like everyone with a wage increase but it means I am away from my child longer hours and travel costs may add up to 2k...

So really all I want to do is way up the better option. (i.e if i was only gaining say an extra 500.00 pounds for the extra time for travel and not seing my child as much i feel wouldnt be worth it but if i was to see a better out come on my earnings then i feel it is worth it and a need to be able to manage better would apply).

I would be greatful if anyone could help me in my question as when i put it in the calculator its an estimate and not really actual figures.

I no they work on estimations but a close as dam it answer would be great .

As per other post there's a 10k disregard so if 2011/12 income is less than 10k greater than 2010/11 it won't reduce your tax credits in 2011/12 but it will the following year (probably 41% of the increase)