p60 and overpayment tax credits.

shellyruby

Hi all.
myself and partner have just recieved our p60s and theres a difference of plus £1.450 between the two of us.... from our last p60 that we gave our figures last renewal for tax credits....
we did a couple of extra bank holidays each throughout the year which we recieved double for and both did a first aid course and got an extra 10p in the pound each...will they expect a lump sum to repay the over balance or can it be repaid from new tax credits.
many thanks.:)

5823yil

No u will not have to pay back due to the income disregard which last year i think was 42k but this year is 10k. However this years income will be based on your P60. If u dont think u will earn that much this year. call them once last years finalised as this years is an estimste until finalised and there is the disregard nwxt renewal

shellyruby

5823yil wrote: »

No u will not have to pay back due to the income disregard which last year i think was 42k but this year is 10k. However this years income will be based on your P60. If u dont think u will earn that much this year. call them once last years finalised as this years is an estimste until finalised and there is the disregard nwxt renewal

thank you so much..youve really put my mind at rest..dont really understand the whole disregard thing but what you ve said sounds good to me.many thanks:T

5823yil

shellyruby wrote: »

thank you so much..youve really put my mind at rest..dont really understand the whole disregard thing but what you ve said sounds good to me.many thanks:T

Your welcome please dont forget to thank through forum.

The disregard is the maximum you can earn over your declared amount in the following tax year before they take it back. David Cameron reduced it..

So if you said your estimated income was.say 20k and earn 28k you dont neec to pzy the difference back is it is in the limit of the disregard.

Dont worry it fine my income was higher by 11k so im well below last years disregard but if this would have been this years would have been over the 10k.

amberspy

so if mines was 4000 over what i said it was i dont need pay it back?
wouldnt they take it back bits by bits on this yrs award payments ?

5823yil

amberspy wrote: »

so if mines was 4000 over what i said it was i dont need pay it back?
wouldnt they take it back bits by bits on this yrs award payments ?

No its within last years disregard of 42k. This years will be based in your p60 april 2011.

As i said mine is over 11k and i wad told not overpaid sorry try not to worry. If still in doubt google tsx credit disregard

no-oneknowsme

Op , although the income disregard will cover you ok , you will find that because of the increase of £1,500 in your earnings , you have been receiving too much tax credits from April 6th 2011.

Have you done your renewal yet?

no-oneknowsme

5823yil wrote: »

No its within last years disregard of 42k. This years will be based in your p60 april 2011.

As i said mine is over 11k and i wad told not overpaid sorry try not to worry. If still in doubt google tsx credit disregard

Last years disregard is NOT £42K , it was £25k . From April it changed to £10k .

5823yil

no-oneknowsme wrote: »

Last years disregard is NOT £42K , it was £25k . From April it changed to £10k .

Sorry yes u r right. Mixed up with combined income for this year. Yes 25k which still means she person who is worried still under this.
Thanks for pointing it out

amberspy

5823yil wrote: »

No its within last years disregard of 42k. This years will be based in your p60 april 2011.

As i said mine is over 11k and i wad told not overpaid sorry try not to worry. If still in doubt google tsx credit disregard

thanks for that
was 3300 over for 2010 11
but income for 2011 2012 has drop again 3300 partner no longer working so do i tell changes and if i do does payments all change again tc is a minefield lol

shellyruby

no-oneknowsme wrote: »

Op , although the income disregard will cover you ok , you will find that because of the increase of £1,500 in your earnings , you have been receiving too much tax credits from April 6th 2011.

Have you done your renewal yet?

i guess at least its only a month or so from april where we may have been recieving to much...i will renew on tuesday over the phone...
not sure what to say about the extra for this year ..usually we dont do any banks hol because all the staff want them for the double money..they were just short on these occasions over the easter bank hols so we made up the numbers...i used the entitled to website for tax credits but it works out completey different to what we actually recieve...thanks for your reply no-oneknows me.