Tax Credits Renewals - 2014

bossymoo

Hi I renewed online on the 19th and received my final papers yesterday. So I class that as a week with the bank holiday. Not too bad. Not getting any richer, though

cifpower

Well renewed via HMRC app last Thursday evening, one off payment received in bank this morning. Brisk!

Miroslav

Have had £96.62 in my bank this morning - can't get through to HMRC - cut off after waiting 18 minutes and now waiting again, 17 minutes in.

I will have to cut them off myself shortly as off to work.

I hope, like cifpower, it's a one off payment and it will continue as normal next week and it's not them stopping WTC.

Miroslav

Finally got through - one off payment - continues as normal next week, renewal form in the post, don't need to do anything if all is correct on the renewal

ymakesmile

Does anyone know why you may get an extra payment? I rang up a week ago to do my renewal and give final figures and I was advised that I may get an extra payment or I may not etc but I didnt think to ask why as to be honest I had a feeling we might owe them some money rather than them owing us any. Anyhow I checked my bank today and low and behold there is an extra payment, I havent as yet had my final award papers through yet, so can anyone shed any light, would I likely get an extra payment if I had had overpayments from them? Thanks

ymakesmile

blondebubbles wrote: »

It isn't an extra payment. It comes off of your award, it's referred to as a one off payment. The system produces these when a change is made or a renewal is issued. There is no real reason for it, it just seems to be a requirement of the system to produce a new payment schedule.

Thanks for that. So it could still mean that I owe them money then I guess?

zagfles

ymakesmile wrote: »

Does anyone know why you may get an extra payment? I rang up a week ago to do my renewal and give final figures and I was advised that I may get an extra payment or I may not etc but I didnt think to ask why as to be honest I had a feeling we might owe them some money rather than them owing us any. Anyhow I checked my bank today and low and behold there is an extra payment, I havent as yet had my final award papers through yet, so can anyone shed any light, would I likely get an extra payment if I had had overpayments from them? Thanks

The way the computer seems to work is that on the day it processes the renewal, it works out what you are due up to that date, and if that's more than you've been paid up to that date, it pays the difference as a one-off payment.

Then the rest of what you're due is divided by the number of your payment dates left in the tax year.

So whether you get a one-off payment depends a lot on the timing of the renewal process date. For instance if it's just after a normal payment date you're less likely to get a one-off payment, if it's just before you're more likely.

But it makes no difference to the total you get over the year.

natalie66

Hi

I just have a quick question about the income drop disregard of 2500 if anybody can help.

Our income has changed every year since we began claiming CTC as I have been on maternity and working different hours etc. My income for 13-14 will probably be about £4000 higher than 14-15. I informed the tax credit office of this last month and my award was adjusted slightly. Will they have added £2500 onto my estimate for this year and used that? Or used the figures I provided them as I did it at the beginning of the year.

When I use online calculators it seems to show that I am entitled to more than I am getting. I'm assuming that this is possibly because tax credit office are adding £2500 to my estimate?

Thankyou for your help. It's a bizarre system!

zozo1990

would i be right in saying if my income for 13/14 has not gone down by £2500 compared to 12/13 then my payments will not go up and will stay the same.

my income for 12/13 was around £23500 and for 13/14 is about £2453 less my income for 14/15 will be around the same as 13/15

any help would be great as i am currently struggling with the payments i receive and due to no overtime i have lost money through work and was hoping my payments would go up and make up for a small amount of it.

xx

zagfles

zozo1990 wrote: »

would i be right in saying if my income for 13/14 has not gone down by £2500 compared to 12/13 then my payments will not go up and will stay the same.

my income for 12/13 was around £23500 and for 13/14 is about £2453 less my income for 14/15 will be around the same as 13/15

any help would be great as i am currently struggling with the payments i receive and due to no overtime i have lost money through work and was hoping my payments would go up and make up for a small amount of it.

xx

Your payments will go up. The disregard applies to changes in the current year income compared to previous. If previous year (ie 13/14) income has gone up or down relative to two year's previous (ie 12/13) it isn't disregarded.

So basically this year (14/15) award is based on last year (13/14) income, unless this year's changes by more than the disregard.