Really puzzled with tax credits

ironwright

zagfles wrote: »

I assume you mean £19k was last year's actual, and £43k was this year's estimate.

If they were basing it on £43k this year you'd get nothing at all (unless you have high childcare or 4+ kids). They will be basing it on £33k.

If you then changed the estimate to £27k, they will be basing it on your £19k from last year. But if you end up earning over £29k you will have an overpayment, so tell them asap if it looks like your income will go over £29k.

you are a star!! Massive thank you. :T:T:T:T

Does it automatically changed to £19k and not £33k even after my renewal ?
:j

zagfles

ironwright wrote: »

you are a star!! Massive thank you. :T:T:T:T

Does it automatically changed to £19k and not £33k even after my renewal ?
:j

The renewal itself doesn't need an estimate for this year, it only needs last year's figures. Any estimate you give is not part of the renewal, you don't have to give one, and if you do, you can revise it like you have and they'll use the new one instead.

Just be aware that if your estimate is too low you could have an overpayment.

ironwright

zagfles wrote: »

The renewal itself doesn't need an estimate for this year, it only needs last year's figures. Any estimate you give is not part of the renewal, you don't have to give one, and if you do, you can revise it like you have and they'll use the new one instead.

Just be aware that if your estimate is too low you could have an overpayment.

oh well lets hope they use £19k, i doubt very much we will go over £27k.

people talk about lump sums, if we earned £19k 2009/10 and £19k 2010/11 that means no lump sum? Correct?

it is only over estimating you get a lump sum?