Good Luck With Tax Credits

craftingqueen_2

Ever since they introduced TC it has been a shambles.We have five children and they have constantly messed our payments up ever year:mad: .
We have just had our awards sent to us for 2007/2008 and low and be hold our tax credits have been halfed .We have informed them that our oldest was staying on at school etc..but they said that did'nt matter
They then inform my OH that the earnings barrier has moved for this year and that we were going to have our TC award reduced.

What a big surprise lol the phone lines where extremely busy today.

craftingqueen

ajames4RL

And they will get even busier as it comes up to the renewal deadline.

Without figures and making assumations, your 05/06 income on which your 06/07 payments were based on (most of the time!). your 07/08 payments would of based on 05/06 figures unless you have given updated 06/07 income figures either through an estimate or by completeing your renewal declaration. Now I'm assuming you have just recently completed your renewal, hence why your award amount has 'halved'. Try and look it from another view, if there wasn't the 25k income tolerance for the previous year, not only would you haved found your payments dropping this income tax year but also a large over payment. Just the problem is that payments can significantly drop in a new tax year when an estimate was given or when the renewal is completed.
Re: your child, if he is 'staying onto school', i.e. college/6th form, then you need to inform them of this. I'm assuming he (or she) is 16 or turning 16 soon, so you will need to inform TCO that he is continuing in college/6th else the entitlement for him will stop on the 31/08/07. If he is older, your entitled for CTC until he is 20 whilst still in college/6th. note it must not be University level.
It should detail this on your latest award notice, although it might be under young person not child.
I suggest to check on your award notice that your income it is being calculated on is the correct earnings for the income tax year 06/07 and give a 07/08 estimate if you believe your earnings will increase by more than 25k of what you earnt in 06/07.