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Quick tax credits question
stephen25uk
Posts: 419 Forumite
i have just started a new job,done a quick calculation on my new salary and i reckon i might just go over the 10,000 disregard,if i go over the disregard how is the payback calculated....i am not talking a lot over,maybee between 2 and 3 hundred pounds,i have called up and updated but was told i would be within the 10k so would be fine and my credits adjusted next year...just wondering how to work out pay back
0
Comments
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It's only the amount over the disregard that would reduce your tax credits. If you went 300 over ie £10,300 more than last year, your tax credits would reduce by no more than 41% of the 300 ie about 120.0
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