Tax Credits is it worth changing now?

dibdabable

Hi
I had a previous year income of £10773. I estimated 2014/15 at £17090 and the Tax Credit Award was based on £12090.

I have since worked out that actually the income will only be £12336 at most.

If I'd given the £12336 figure originally would the 2014/15 award be based on the Previous year of £10773? Also if that's correct would it be worth telling them now? Thanks.

amiehall

It really depends how sure you are on your estimate. If you tell them now and then actually end up earning over £15773 for any reason then you will owe money back which isn't a great situation to get into. If you tell them later, then you will get the money at the end of the year.

dibdabable

Hi. Thanks to you both. Yes I am as near as I can be to the new amount and certainly within £5000. I'll let them know on Monday.

Also there was a note on my award about a potential payment because they reduced my Tax Credits pending confirmation of my 2014/15. So will that be paid at the end of the Tax Year then if all is correct?