please help, i m thick

arry1

hello there,i m not really thick,i just find the tax credits a big headache so if anyone could answer these questions i d be most grateful.
i ve just got a new job so my income has gone up from 90quid to around 300.

should i inform tax creds? will my money change this year or next april?

also,i was getting full wak of tax creds (591)per mth,how much can i expect to see it drop on £300 take home?

Does anyone have a formula for working out your entitlement,i.e,money over a certain amount starts taking your credits down at the rate of £££££? or what is the maximum i can earn to get full entitelment? i m not being a git here but i dont want to earn this wedge to find out i m on £2 and a bag of crisps per hour.

thanks....muddled

arry1

i ve just found a thread with this formula and tried to work out my next years award,does it look right?

threshold £5,060 then 37p off next yrs award for every pound over.
estimated earnings till next april in total £11,600 in wages which equals £6,540 over the threshold x 37p =£2419 to deduct off max tax creds award?

i m assuming i dont need to contact creds till i fill in next years application yet their letters always seem to state "tell us immediately if there are any changes" ??

Valley's_girl

Hi arry welcome :hello:
Someone will be along shortly to advise you, but you must inform tax credits straight away of any changes.
Ally xx

arry1

thanks for that but how come i have to inform them when my income will not go up by more than £25000?

Kazzajr

Hiya on your award letter there should be a part which tells you if your income exceeds x amount you should contact us. To be on the safe side I would probably inform them straightaway so you don't have any overpayments which you need to pay back.

Have you been on www.entitledto.co.uk and put in your new details to see how much you should get?

beckiem

its always best to tell them straight away if not you may end up repaying it next year. there like to do that! im not sure how many children you have so i couldnt even guess how much you could get

CIS

thanks for that but how come i have to inform them when my income will not go up by more than £25000?

You still have to declare so that they have your details on file and can make the decision on whether your award will alter or not.

jasper12

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lisa76

i tell the tax credit people of every change in my circumstance, even if it's only a couple of pound a month difference - eg i get a bonus

i would rather them adjust my payments straightaway and continue to get something, rather than wait until april and get little or nothing until an overpayment is repaid