WTC Question

kerry87_2

Hi,

I am about to renew my tax credits and on my p60 it says total for the year £9,770,31 and I estimated that my pay would be £10,500 for the year.

Will I get any WTC rebate once they have processed my renewal?

Thanks

Horseunderwater

To some extent it may depend on what the previous years income was. If income was higher in 2011/12 than 2012/13 by more than £2.5k then there may be a small underpayment due. What did your revised estimated award state from last year? The one where you told them income likely to be £10.5k - it should tell you somewhere on there whether one is due or not. And it there was one due at that point then your lower income will make the payment a little larger possibly.

kerry87_2

Horseunderwater wrote: »

To some extent it may depend on what the previous years income was. If income was higher in 2011/12 than 2012/13 by more than £2.5k then there may be a small underpayment due. What did your revised estimated award state from last year? The one where you told them income likely to be £10.5k - it should tell you somewhere on there whether one is due or not. And it there was one due at that point then your lower income will make the payment a little larger possibly.

Last year, I only started claiming WTC for the first time in February due to turning 25 so I only claimed them for a few months before I had to renew so how will they work this out?

zagfles

kerry87 wrote: »

Last year, I only started claiming WTC for the first time in February due to turning 25 so I only claimed them for a few months before I had to renew so how will they work this out?

Doesn't matter, what was your 2011/12 income? Can't answer your question without that.

kerry87_2

zagfles wrote: »

Doesn't matter, what was your 2011/12 income? Can't answer your question without that.

My income for 2011/2012 was £10,300 and I estimated £10,000

zagfles

kerry87 wrote: »

My income for 2011/2012 was £10,300 and I estimated £10,000

Then it'll make no difference to your award last year. There's a "buffer" for rises and falls in income, £2500 for falls and £5000 for rises from one year to the next makes no difference.

But you'll get a little more this year, backdated to April, as this year will initailly be based on last year's actual.

kerry87_2

zagfles wrote: »

Then it'll make no difference to your award last year. There's a "buffer" for rises and falls in income, £2500 for falls and £5000 for rises from one year to the next makes no difference.

But you'll get a little more this year, backdated to April, as this year will initailly be based on last year's actual.

Thank you.

Will any payment due from them be issued into my account when they have processed my renewal?

zagfles

kerry87 wrote: »

Thank you.

Will any payment due from them be issued into my account when they have processed my renewal?

Yes you'll likely get a one-off extra payment. Though won't be much.