disregard???

micgell1985

Hi id like some advice on the disregard if anyone could help. i was on mat leave last year and only earned near 5000. this year i gave estimate of 14000 yet my payments were higher due to the 10000 disregard they sort of explained on phone but tbh was really rude n unhelpful. i wanted to up estimate to 15000 due to not considering overtime n he wasn't too pleased but when I've thought about it without being rushed on phone by someone who clearly wanted me off lol im planning on returning back to work full time soon which would bring my income as high as 24000. Would my award b based on 14000 due to disregard n if i earned 24000 would this mean me owing them money and can i change estimate again? Thx for any advice

Icequeen99

micgell1985 wrote: »

Hi id like some advice on the disregard if anyone could help. i was on mat leave last year and only earned near 5000. this year i gave estimate of 14000 yet my payments were higher due to the 10000 disregard they sort of explained on phone but tbh was really rude n unhelpful. i wanted to up estimate to 15000 due to not considering overtime n he wasn't too pleased but when I've thought about it without being rushed on phone by someone who clearly wanted me off lol im planning on returning back to work full time soon which would bring my income as high as 24000. Would my award b based on 14000 due to disregard n if i earned 24000 would this mean me owing them money and can i change estimate again? Thx for any advice

Yes, you can change your estimate again. If your income is going to go from 14,000 to 24,000 then you definitely need to tell them as you are being overpaid. Your award will be based on 24-000 minus 10,000 disregard - so 14,000.

With the 14,000 estimate, your award won't change, it will remain based on 5,000 until April 2013.

IQ

micgell1985

It would b based on 5000? Not 4000 if its 14000 minus the disregard of 10000. Would i end up owing them money? Thx for reply

Icequeen99

micgell1985 wrote: »

It would b based on 5000? Not 4000 if its 14000 minus the disregard of 10000. Would i end up owing them money? Thx for reply

It isn't just 10,000 that is disregarded, it is the first £10,000 rise up from previous year income. So 5,000 + 10,000 (disregard) means you could earn up to 15,000 without it impacting on your amount in 12/13.

IQ

micgell1985

Thx very much. sorry for all these questions but if the full time position wasn't available n say i earnt less than expected say 7000 but had gave the 24000 estimate what would happen. im totally lost with all this n thank any advice its really appreciated

Icequeen99

micgell1985 wrote: »

Thx very much. sorry for all these questions but if the full time position wasn't available n say i earnt less than expected say 7000 but had gave the 24000 estimate what would happen. im totally lost with all this n thank any advice its really appreciated

Nothing, if you find out before hand you just change the estimate again. Even if you told them after the year ended, your award would be re-calculated and you would get a lump sum back as an underpayment.

IQ

micgell1985

Thanks very much for your help ill phone them soon n explain. Going by guy i got today they won't b pleased

micgell1985

Does anyone know how much i could expect weekly for the 14000 estimate and the 24000? Would tax credits think 24000 is quite extreme. was just bring cautious due to unknown overtime etc

Icequeen99

micgell1985 wrote: »

Does anyone know how much i could expect weekly for the 14000 estimate and the 24000? Would tax credits think 24000 is quite extreme. was just bring cautious due to unknown overtime etc

Use the HMRC calculator on their site, that will tell you the amount due from today. When you do it for the 14000, you will need to enter income as 5000. When you do it for the 24,000 you need to enter income as 14000.

No way of us telling you without knowing your circumstances. Are you single? Number of children? Childcare costs? Disabilities?

IQ

micgell1985

Im single. one child. child care costs of £38 per week. no disabilities.thx ill have look at calculator

micgell1985

Just called tax credits to give my New estimate. when asking much i should receive etc the guy kept basicallysaying it won't make a difference to my award as they go by lower income of 5000 for last year so what is point of my estimate???