p60 and overpayment tax credits.

shellyruby

5823yil wrote: »

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.

thanks 5823 sometimes all you need is someone to explain things in easy simple terms..the tax credit forms just seem like a load of jumbled numbers.

no-oneknowsme

shellyruby wrote: »

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.

No problem at all.

You may be best mentioning during your renewal call that you do not expect your income to be quite so high next year (as you say you dont usually work all the extra bank hols) then they will be able to use your estimated income figure for next year to keep your payments in line.

Tax credits can be very confusing.

amberspy

amberspy wrote: »

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

bump:D anyone

shellyruby

no-oneknowsme wrote: »

No problem at all.

You may be best mentioning during your renewal call that you do not expect your income to be quite so high next year (as you say you dont usually work all the extra bank hols) then they will be able to use your estimated income figure for next year to keep your payments in line.

Tax credits can be very confusing.

thanks i will do that when i renew as was concerned about that..in fact i expected to be in trouble as p60 was higher and that i should have told them we had done bank hols and 1st aid course with the extra in the pound..will definalty estimate on the years before usual amount as we we dont usually work the banks hols.. myself and partner on a different contract to other staff over tupe.....many thanks for all your advice:T..can sleep without worrying tonight..was on my mind all last night.have learnt such an amazing amount on this forum..its my first port of call for almost everything of worry these days.

no-oneknowsme

shellyruby wrote: »

thanks i will do that when i renew as was concerned about that..in fact i expected to be in trouble as p60 was higher and that i should have told them we had done bank hols and 1st aid course with the extra in the pound..will definalty estimate on the years before usual amount as we we dont usually work the banks hols.. myself and partner on a different contract to other staff over tupe.....many thanks for all your advice:T..can sleep without worrying tonight..was on my mind all last night.have learnt such an amazing amount on this forum..its my first port of call for almost everything of worry these days.

Glad to help.

For future ref , you dont have to inform tax credit office of a change in your household income until it goes above £10k of an increase. It is only if you earn OVER this £10k extra that an over payment will arise.

5823yil

shellyruby wrote: »

thanks 5823 sometimes all you need is someone to explain things in easy simple terms..the tax credit forms just seem like a load of jumbled numbers.

No probs thats what the forum is for - ive found out so much I never knew