WTC and new job

bernardh_2

With luck,I will soon be starting as a bank worker at my local hospital. Currently I get WTC through my employer.Depending on how many hours I get in the new post,there is a small chance that I could earn £2500 more than last year.Not very likely though.Should I notify the IR or wait and see if I do exceed this amount and then tell them?
Also,I earned £300 less last FY than estimated - Does this affect anything?
Thanks for any advice.Just tried to find the info on IR site,but "page not available"

Ted_Hutchinson

WTC2
Child Tax Credit and Working Tax Credit - A Guide
April 2005
This link is working and the guide has a section on what changes of circumstances are notifiable.

bernardh_2

Thanks Ted.Only 30 pages to plough through. I will only get £2500 more this FY if I work full time and am not ill at all (no sick pay ).So,if I read the info correctly,I do not need to notify the IR (except for change of employer).
Thanks again.

irs101

Bernardh

You are not required to tell them anything about your income for this year until you finalise your award in Summer 2006. But you might decide it is in your interests to tell them earlier to minimise the overpayment. But if you are only just over £2,500, I wouldn't worry about it.

On the £300, you will be getting forms to finalise your 2004/05 in the next few weeks. You will tell IR about it on there, and they should send you the underpayment of around £100.

Also note that your revised income for 2004/05 (i.e. taking the £300 off) will form the new basis for your current award - so needs to be taken into account when working out whether your income has risen by £2,500.

irs

bernardh_2

Thanks irs101. The postman has just delivered a tax refund of £41 for the financial year before last.Good to know they are on the ball in the IR.