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Tax credit potential payment
bigal-
Posts: 15 Forumite
My annual tax credit award is around £3000 for 2013/14. £1000 will be paid before the end of the tax year, but the other £2000 is being withheld as a potential payment.
This is slightly frustrating as money is very tight and the estimated income I have given for this tax year will be spot-on, but I gather there is nothing I can do about other than wait until the renewal pack is sent and supply my actual earnings.
My main question is about next tax year.
Our household income will drop from c. £19000 in 2013/14 to around £5000 in 2014/15. I gather this will mean a tax credit award of around £7165, but does anyone know what proportion will actually be paid and how much will be held as a potential payment again?
Thanks for any advice
This is slightly frustrating as money is very tight and the estimated income I have given for this tax year will be spot-on, but I gather there is nothing I can do about other than wait until the renewal pack is sent and supply my actual earnings.
My main question is about next tax year.
Our household income will drop from c. £19000 in 2013/14 to around £5000 in 2014/15. I gather this will mean a tax credit award of around £7165, but does anyone know what proportion will actually be paid and how much will be held as a potential payment again?
Thanks for any advice
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