tax credit underpayment?

amy1511

hi i was wondering if anyone could help,its a bit long winded.

2010/2011 i was employed for first few months and then self employed for last half of the year,when i renewed our income was around £13900 and then when my accounts were sorted i let them know i had a £1000 minus (which i still havent heard back from) so on the forms it says this years 2011/2012 was based on 14100,but when i renew our joint income with a loss i made is going to be about £8000 (it was a tough year) so my questions are....

1) are they going to owe me anything from 2010/2011 since i told them about £1000 loss?its been a while but they have said it can take weeks to here back.

2)are we likely to be owed anything after we do our renewal for 2011/2012?

many thanks

amy1511

can anyone help?

NoBS_2

They have introduced a disregard this year meaning the first £2500 will not be counted.

if your income has only dropped a £1k then you would not receive an underpayment.

amy1511

for 2011/12 our paperwork says it was based on income of £14000 but when i do renewal actual income was £6670 so would that not be classed as underpayment?

Icequeen99

For 10/11, did you tell them the £13,900 was an estimate and did you then tell them the actual income/loss for the year by 31 Jan 2012. It does take a couple of weeks, but if you told them before 31 Jan it should have been done by now. Looks like they haven't changed it.

For 11/12, you will receive renewal forms in the next few weeks to declare your 11/12 income/loss. You need to provide an estimate, and then again your actual once you have your accounts etc sorted by 31 Jan 2013.

You may have an underpayment for 10/11 and 11/12 but it really depends on what you did and when and what TCO did as to whether you could get it back now. You need to get some advice as a late appeal might be necessary for 10/11.

IQ

amy1511

hi thanks for the help,when i get renewal my accounts are already done

amy1511

hi can anyone else shed any light,ive done my renewal but still waiting for outcome?

Icequeen99

amy1511 wrote: »

hi can anyone else shed any light,ive done my renewal but still waiting for outcome?

I gave you a detailed reply above. No-one can know without seeing details and dates of all of your figures.

IQ