Tax Credits, question 100! IQ or any experts please?

[Deleted User]

Thanks for reading!

Well I have a situation and I don't know what to do.

I had a situation and tax credits took the wrong income for 2011/2012. Well now it's sorted.

But they first based our claim this year on 22K

But now last year is 16.5 K they say they will base it on that

So my question is, if my income does not exceed 26.5K will I still get T-credits for the value of 16.5 K, due to the 10K rule.

This is what the advisor told me to do, but I can't quite get my head around what to do...

Thanks :cool:

Icequeen99

assj wrote: »

Thanks for reading!

Well I have a situation and I don't know what to do.

I had a situation and tax credits took the wrong income for 2011/2012. Well now it's sorted.

But they first based our claim this year on 22K

But now last year is 16.5 K they say they will base it on that

So my question is, if my income does not exceed 26.5K will I still get T-credits for the value of 16.5 K, due to the 10K rule.

This is what the advisor told me to do, but I can't quite get my head around what to do...

Thanks :cool:

Glad they have sorted it. The system will automatically base your 12/13 claim on the 16.5k income. You are correct that if your 12/13 income does not go above 26.5k then you will still have tax credits based on 16.5k. But you need to make sure that sometime before April you give HMRC an estimate for 12/13 (even if it is within the 10,000k) so you don't get overpaid from April 2013.

IQ

[Deleted User]

Perfect, thank you!

So despite the fact that the projection for this year was set at 22K first, whilst the situation was all a mess, it will still revert back to being based on the 16.5K, will I call them now to confirm my actual projection or just before April?

They say it's now sorted but I still haven't got the correct award notice yet, I just hope now they say it's sorted that it is, I have also sent in my evidence so hope that also helps...

Thanks IQ - You have been such a great help to me!

Icequeen99

assj wrote: »

Perfect, thank you!

So despite the fact that the projection for this year was set at 22K first, whilst the situation was all a mess, it will still revert back to being based on the 16.5K, will I call them now to confirm my actual projection or just before April?

They say it's now sorted but I still haven't got the correct award notice yet, I just hope now they say it's sorted that it is, I have also sent in my evidence so hope that also helps...

Thanks IQ - You have been such a great help to me!

Yes, it will revert back automatically when they go in and change the 11/12 income to 16.5k. 12/13 will be re-calculated by the system.

You can tell them whenever as long as it is before April.

IQ

[Deleted User]

Thanks IQ, you don't know how much you help :-) Means a lot!