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Wage Increase
FloozyLime
Posts: 26 Forumite
Hi everyone!!!!!!!!!
Does anyone know how much you are allowed to earn extra in the tax year before it affects your Tax Credits. Got my review at work and maybe getting a pay rise and wondered if it would affect my credits for next tax year. Hope I'm making sense.
Cheers
Does anyone know how much you are allowed to earn extra in the tax year before it affects your Tax Credits. Got my review at work and maybe getting a pay rise and wondered if it would affect my credits for next tax year. Hope I'm making sense.
Cheers
0
Comments
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you can earn an extra £25k before you have not notify them. they will just adjust next years award to take account of the wage increase. this may mean you have to pay them some money back, but im assuming your pay rise wont be so huge, that it affects your tax credits too adversely. although if for tc purposes they think a £25k payrise is quite possible, then all i can say is, spend it wisely lol
flea0 -
Look at your award notice and it will tell you what you are allowed to earn before you need to inform them of any change."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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also remember if you do notify them of an increase then you will lose the 25k disregard so if you go over what you tell them you will have an overpayment.0
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thanks for your replies. its just last tax year 06/07 my wage increase was approx 2k (due to change of jobs!) and when my reward was given for this year they have deducted approx £500. just think it is a weird way of doing it. you get used to having your wage and tax credits and now i'm £500 down, so i need at least that for my pay rise just to earn what i was getting, if you know what i mean. i know im rambling but its a bit hard to explain. not to worry, sure i'll survive, keep smiling!!!!!!!!!!!!!!!!!!:j0
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