Tax credits - confused

continualdiamond

Really (probably easily) confused at the moment.


Went onto the tax credits website to see if the 1st March would = last payment. I was forward thinking for the new tax year on the 6th April.


Anyway sheer panic has now set in re my husbands change of job back in July.


We're completely new to tax credits due to having a baby in October 2013 and we submitted the claims as you do when you have a baby and based on the previous tax year we were awarded tax credits. Come April 2014 I submitted our P60's and had thought come April 2015 we'd do the same and be informed of new payments (if any).


Now the sheer panic has set in, in the sense of should I informed them of my husbands change of job in July? I didn't think this change of income would affect payments as the payments are based on 2013/2014 income, is this wrong?


I fully appreciate/assume that 2014/2015 income will = no payments for us based on hubby changing jobs.


When I go onto the tax credits calculator it asks (of course) for last years income details so still gives me the current payments we're getting. This is where I have become confused and is why I just thought we'd submit P60's when we get them.


I tried ringing them but of course they were super busy with 10 mins until the closed.

Icequeen99

Who did you submit your P60's to? Tax credits don't normally ask for them unless you are under investigation, just the figures from them.

Your award notice in April 14 for the 14/15 will tell you that you need to let them know if your estimated income for 14/15 is at least £5000 more or less by more than £2500 compared to 13/14. So if your husband's new job means your estimated income for 14/15 changed by more than £5000 then yes you need to tell them.

Tax credits are only based on Previous year income if your income doesn't go up by more than £5000 or down by more than £2500. Otherwise it moves to current year minus £5000 or plus £2500.

IQ

continualdiamond

Oh yes, sorry I gave the figures for them, didn't send them off. Sorry about that.


Thank you very much for the information. I'll be on the phone tomorrow then as pretty sure it's more than £5000. Hope we don't get into trouble seeing it was back in July he got his current job.

Icequeen99

continualdiamond wrote: »

Oh yes, sorry I gave the figures for them, didn't send them off. Sorry about that.


Thank you very much for the information. I'll be on the phone tomorrow then as pretty sure it's more than £5000. Hope we don't get into trouble seeing it was back in July he got his current job.

Unlikely you will get in trouble, but you may have an overpayment to pay back.

IQ