Overpayments

daff_duck

Would it not be feasable to overestimate your income for current year to reduce risk of any overpayments? Also what would happen if you actually earned less than you said?

lullable

It is always prudent to overestimate your income. This can be reviewed any number of times throughout the tax year. Once the tax year is over you should then finalise your tax credit claim by giving your ACTUAL income either by completing your Annual Declaration Form or phoning the helpline. If your actual figure is less than your previous estimation, then you will be due a lump sum payment. Make sure you check your finalised award notice that the income figure is correct.