Tax Credits when one parent is working

ironman1

Yeah that makes sense. My income will be bigger this year than last as there is alot of overtime to be done etc. So do I tell them this? I don't want to owe them!

The £120 came from £80 child benefit plus the estimated £10 a week credits.

bestpud

ironman1 wrote: »

Yeah that makes sense. My income will be bigger this year than last as there is alot of overtime to be done etc. So do I tell them this? I don't want to owe them!

The £120 came from £80 child benefit plus the estimated £10 a week credits.

If you really aren't sure what you will earn, then you will be better off trying to manage with the current award.

Any underpayment will be paid to you in a lump sum when you renew next year, so you won't lose out. But that doesn't mean a lot if you can't manage on the lower payment, of course.

If you can manage to keep your current award based on your actual income from last year, then you won't need to tell them about any extra you earn, unless it is more than £10k over your actual earnings for last year.

It's advisable to let them know early next year, so your 2012 provisional award is more accurate (I always do), but it's not compulsory. Any rise under £10k will not affect your award until April 2012.