i really need help

ilikefreethings

i have increased my working hours from 20 - 35 hrs a week. i think i am entitled to working tax credits but the problem is i need to know if my savings from many years ago will affect my entitlement.
i have my full student loan for 2 yrs in an isa and have other savings.

can anyone let me know if this affects things please.

healy

Interest over £300 per year reduces Tax Credits.

Gaz83

The actual amount of capital you have in savings does not affect your award. However, if you are making "other income" (that includes interest on bank and building society accounts) of over £300 a year that is taken into account. However, ISAs are not included in this, so your interest made on savings in your ISA would not need to be included.

ilikefreethings

thanks guys.

also another issue is that because i was working 20hrs in the last tax year (for which i have a p60) and only this week i have am doing 35hrs i unsure as to what my outcome will be plus i get a late shift allowance of £22 and a bonus which fluctuates perhaps between £0 - £30 a week. so i dont know what to do about this aspect.

Gaz83

Your tax credits award will initially be based on your previous year's income (06/07), when your award is made it will then give you an income banding that you should notify them if you expect your current year income to go outwith it. If you do, phone them up and give them an estimate of what you think you will get as your 07/08 income and your award will be reassessed.