Tax Credits 2013/14 wrong income figure?

YORKSHIRELASS

Hi

I have just received my notice giving the amount of tax credits I am going to receive for 2013/14.

My earnings are underestimated by approx £2k because I started a new job last year and this will be the first full tax year for a while that I have been working.

Reading the notice it seems to suggest that my tax credits for 2013/14 are based on my earnings for 2012/13 and the increase in salary wont affect me until April 2014. Is this correct?

I am going to ring them on Monday anyway, I dread the thought of being overpaid but it would be nice to know the answer before then, if anyone can help I would be grateful!

Icequeen99

YORKSHIRELASS wrote: »

Hi

I have just received my notice giving the amount of tax credits I am going to receive for 2013/14.

My earnings are underestimated by approx £2k because I started a new job last year and this will be the first full tax year for a while that I have been working.

Reading the notice it seems to suggest that my tax credits for 2013/14 are based on my earnings for 2012/13 and the increase in salary wont affect me until April 2014. Is this correct?

I am going to ring them on Monday anyway, I dread the thought of being overpaid but it would be nice to know the answer before then, if anyone can help I would be grateful!

If the difference between 12/13 and 13/14 is only 2k then yes, it will be based on 12/13. You can have a rise of up to 5k between the two years before it affects the 13/14 award.

IQ

YORKSHIRELASS

Thanks thats really helpful, it doesnt make a huge difference to my income but it all helps.