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Need 50K desperately
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Exactly!! I'm also self employed but the year I suspected we would get overpayments I stuck it all in a savings account so it was all there to pay back when asked. If the OP is spending it now and not realising they are likely to have to pay some or all of it back, then I hope they have savings to cover it or negotiate a repayment plan.This is wise advice. A combination of an increase in my SE earnings, and a son dropping out of college led to a request to repay £1000 of tax credits within 30 days.
Even setting up a payment plan is painful - you are no longer getting the tax credits AND you have to find the repayments,0
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