Tax Credit help.

daisy1964

Hi, I really need some advice on tax credits......


For the year 2012/2013 we had an actual income of £13,873

For the year 2013/2014 we had an estimated income of £14,275, and have now given the tax credits our actual figures for the year 13/14 which amount to £5200, my wage, £2459, husbands self employed profit and other income amounting to £2968, (after taking off the £300 allowed). Therefore a total of £10,627.. will I be right in thinking that once they have assessed the new amounts, we will get a lump sum payment of the difference between the estimated figure of £14,275 and the actual figure of £10,627. Husband is obviously self employed and I work part time only, we have a disabled "young person" (almost 17 and in full time education) on the claim who is on the higher rate mobility so therefore qualifies for the disability element for tax credits. I keep seeing something about the first £2500 of any decrease being disallowed but cant find out if this will apply to self employed people who cannot really estimate their earnings for the year ahead.
Many thanks for any help any of you can give.

daisy1964

Many thanks for your fast reply, is it just me or does everyone find them confusing!!! One other thing I would like to ask is when I put my figures into the tax credits website , it gives me figures that I should be entitled to, but the actual paperwork says different! I understand that they are from the date that you enter the figures and not from the 5 April, but have taken that into account,
Thank you again,