Tax credit estimate question

jonnyboy82

Hi..

just wondered if anyone knew about this,right basically we estimated 13750.pounds for 12-13 year but it looks as though my partners income will be about 13900 ish come end of tax year.

will we get into trouble when we renew in april to june time?..

It wont be much difference income wise maybe like i say a few hundred pounds

thanks for any help

Icequeen99

Depends on what your 11-12 income was.

IQ

jonnyboy82

Icequeen99 wrote: »

Depends on what your 11-12 income was.

IQ

It was £13,576 my partners income for 11-12.

Thanks.

Horseunderwater

No you will not get in trouble as there is an income rise disregard for this year of £10k. But if you are truly worried, why not put in an over estimate of say £14,200, which will give you a bit more leeway with it and then you may well get a small underpayment back at renewal once final income known. I assume you are talking about WTC claimed as a couple with I assume no children? Knowing full details will help people on here give better advice. If you are just 2 adults with no kids on the claim, then your OH has to be working a min 30 hours per week with his self employment or job.

jonnyboy82

Horseunderwater wrote: »

No you will not get in trouble as there is an income rise disregard for this year of £10k. But if you are truly worried, why not put in an over estimate of say £14,200, which will give you a bit more leeway with it and then you may well get a small underpayment back at renewal once final income known. I assume you are talking about WTC claimed as a couple with I assume no children? Knowing full details will help people on here give better advice. If you are just 2 adults with no kids on the claim, then your OH has to be working a min 30 hours per week with his self employment or job.

Hi..

It is me and my partner who works full time and our 3 children so wtc and ctc.

I think I will leave it until we renew as the difference will be a few hundred pounds and having done a little research any overpayment will be minor,I assume that is OK?

Thank you for helping me

Horseunderwater

Definitely nothing to worry about. Small adjustment will be made at renewal.

jonnyboy82

Horseunderwater wrote: »

Definitely nothing to worry about. Small adjustment will be made at renewal.

Thank you.:A

Icequeen99

It won't make a difference to this year's tax credits, but it will from April 2013.

You can wait until renewal, which is likely to cause a small overpayment between April and whenever you renew. They will adjust your payments for the remainder of the year.

IQ