Tiny bit worried about Tax Credits......

BemusedByTaxCredits

Hi all,
Long term lurker, as the title suggests, bit worried.....


14/15, estimated income was £10K


I have had several pay increases and changed jobs and it is in fact actually £16,510


I also have childcare costs taken into consideration. Will there be a really substantial over payment to sort out?


Also, 15/16 is looking to be £26,362. I assume I let them know at renewal form time?


I have modeled several things into entitiedto but I cannot really seem to get to the bottom of it, so any guidance would be very much appreciated!


Many thanks

BemusedByTaxCredits

blondebubbles wrote: »

Would need to know the 2013/14 income to know how your claim might be affected by your increase.

You can call anytime from 6th April with the 2015/16 income. You should try call as close to this date as possible. The renewal asks you to confrm the actual income for 2014/15.

2013/14 was £5160.

2014/15 was £16,510 (but estimated £10,000)

2015/16 will be £26,362 (no estimate given yet)

I will certainly call to give them an estimate for 15/16 to try and prevent an overpayment.

Do you happen to know if those sorts of figures are likely to cause a problem?

Thank you for your help.

BemusedByTaxCredits

blondebubbles wrote: »

Because of the increase in your income for 2014/15 your working tax credits will have been overpaid. I think the most the overpayment would be approx £2000

Crikey ok. Will I be allowed to pay that over a period of time? Will they take it out of my tax credits next year?