Tax Credits - Job Loss

stebiz

If I lost my job would Tax Credits be worked out on my present circumstances or would they look back on 2006/7 year?

I have worked them out online but it always refers to 2006/7 year and does not appear to take into account change in circumstances.

Cheers
Stebiz

Hapless_2

If you lose you job the working tax credits stop. But child tax credits should continue.
If you lose your job, phone tax credits on the next working day after your final days work.

Gaz83

Tax Credits are only worked out on Previous Year income to "start off" an award. They are worked out on Current Year income and circumstances and different, so if you lose your job you can phone them and they'll reassess your award.

Remember though, it's not as simple as being based on zero income. TCs are based on a whole year's income, so if for example you are on £20k a year and leave work now, we're approximately a quarter of the way through the year so approximately £5k of that would be taken into account.