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getting tax credits calculated for now.
eaglesrjh
Posts: 376 Forumite
Hi. I was wondering if anyone had any experience of getting tax credits calculated on an "as now" basis rather than on "last tax year" basis. All the calcualtors etc say that they are based on the last complete tax year.
However our circumstances have changed greatly since then.
Child born, change of job (and significant drop in salary for me) and now renting not home owner.
My wife is due to go back to work soon after being on maternity. She wants to go back to work.
She earns more than me so the plan is for her to go back full time and perhaps for me to cut my hours a little as we are not keen for our son to go straight into full time childcare. (There are no relations etc that can watch him)
Therefore ideally we need to get the credits worked out on the new scenario not one from April 2011 when things were very different.
Can this be done?
However our circumstances have changed greatly since then.
Child born, change of job (and significant drop in salary for me) and now renting not home owner.
My wife is due to go back to work soon after being on maternity. She wants to go back to work.
She earns more than me so the plan is for her to go back full time and perhaps for me to cut my hours a little as we are not keen for our son to go straight into full time childcare. (There are no relations etc that can watch him)
Therefore ideally we need to get the credits worked out on the new scenario not one from April 2011 when things were very different.
Can this be done?
if i had known then what i know now
0
Comments
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yes it can be done, you just ring up and given an estimate. They will pay you based on your new lower estimate from today, and anything owing since April will be held until the end of the tax year.
The word of caution is that if your estimate turns out to be too low, you will be in an overpayment situation.
IQ0
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