Tax credits overpayment, how to calculate what I've been overpaid?

Tiggertiger

Hi,

I'm just getting our earnings information together ready when we get our renewal and I've realised that we've earned more than was estimated, and I wondered if anyone could help me work out what we've been overpaid?

In 2011/12 we earnt £28400

In 2012/13 I estimated that we would earn £22500, however have actually earned £25200. I think because if the drop in income disregard that we received tax credits as if we were earning £25000?

In 2013/14 we will earn less again, £22000

Can anyone help with calculating what we've been overpaid and what our award will be for this current tax year?

Many many thanks in advance!

Icequeen99

Tiggertiger wrote: »

Hi,

I'm just getting our earnings information together ready when we get our renewal and I've realised that we've earned more than was estimated, and I wondered if anyone could help me work out what we've been overpaid?

In 2011/12 we earnt £28400

In 2012/13 I estimated that we would earn £22500, however have actually earned £25200. I think because if the drop in income disregard that we received tax credits as if we were earning £25000?

In 2013/14 we will earn less again, £22000

Can anyone help with calculating what we've been overpaid and what our award will be for this current tax year?

Many many thanks in advance!

Your 12/13 claim will be finalised on 27,700. So the maximum overpayment will be around £1100 (maximum, it could be less).

13/14 claim will be based on 25,200 initially. If you estimate £22,000 they will use 24,500 but you run the risk of your estimate being wrong again next year.

IQ

Tiggertiger

Thank you very much for your reply