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Tax credits overpayment?
braddy970
Posts: 271 Forumite
Hello all, I'm just wondering if there is any advice I could use...
Me and my partner were both working in 11/12, we gave tax credits our incomes for 10/11 - mine £14,000 and his £10,700.. with 1 child aged 4.. as of Nov 2011 I was 3 months pregnant and gave up work due to a family loss, as of that point for 11/12 I had earnt £8700.. I rang tax credits to tell them of my change, they asked for an estimate for the year which I said £8700 and £10,700 for my partner which they then sent out at reward for £45.16 per week until they had the actual figures..
I have now just found out that my partner has earnt £17,000 as he changed his job and has been given a few bonuses and worked alot of overtime.. so the actual figures for 2011/12 are £8700 and £17000 .. will I have a huge repayment to pay back to tax credits ? As I was getting £45.16 per week from Mid november till now.
Also the income for 12/13 will be £17,000/£18,000 based on only my partners wages and also another baby will be here in May. How will this affect us ?
Me and my partner were both working in 11/12, we gave tax credits our incomes for 10/11 - mine £14,000 and his £10,700.. with 1 child aged 4.. as of Nov 2011 I was 3 months pregnant and gave up work due to a family loss, as of that point for 11/12 I had earnt £8700.. I rang tax credits to tell them of my change, they asked for an estimate for the year which I said £8700 and £10,700 for my partner which they then sent out at reward for £45.16 per week until they had the actual figures..
I have now just found out that my partner has earnt £17,000 as he changed his job and has been given a few bonuses and worked alot of overtime.. so the actual figures for 2011/12 are £8700 and £17000 .. will I have a huge repayment to pay back to tax credits ? As I was getting £45.16 per week from Mid november till now.
Also the income for 12/13 will be £17,000/£18,000 based on only my partners wages and also another baby will be here in May. How will this affect us ?
The 1% Challenge #76 - Debt 1 = £620 - 1% = £6.20 - 4.3%
Debt 2 = £1600- 1% = £16 - 0%
Debt 3 = £1012 - 1% = £10.12 0%
Pay all your debt by Xmas 2016 #130- £465.86/£7636.46 - 6.1 %
Make £10 a day ~ Jan £182.49, Feb £373.65
Debt 2 = £1600- 1% = £16 - 0%
Debt 3 = £1012 - 1% = £10.12 0%
Pay all your debt by Xmas 2016 #130- £465.86/£7636.46 - 6.1 %
Make £10 a day ~ Jan £182.49, Feb £373.65
0
Comments
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Any help will be greatly appreciated thanks The 1% Challenge #76 - Debt 1 = £620 - 1% = £6.20 - 4.3%
Debt 2 = £1600- 1% = £16 - 0%
Debt 3 = £1012 - 1% = £10.12 0%
Pay all your debt by Xmas 2016 #130- £465.86/£7636.46 - 6.1 %
Make £10 a day ~ Jan £182.49, Feb £373.650 -
You will have an overpayment for the additional amount paid based on the figures below the income for 2010/11 and the time it was paid for. The amount above the previous year is within the £10k threshold so has no impact.
Because of the £2500 disregard, your award this year will be based on an income of about £20500 (depends if you give £17k or £18k for the estimate). Your ctc will go up once the baby is born.0 -
Thank you Murgatroyd21The 1% Challenge #76 - Debt 1 = £620 - 1% = £6.20 - 4.3%
Debt 2 = £1600- 1% = £16 - 0%
Debt 3 = £1012 - 1% = £10.12 0%
Pay all your debt by Xmas 2016 #130- £465.86/£7636.46 - 6.1 %
Make £10 a day ~ Jan £182.49, Feb £373.650
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