We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Overpayments of Tax Credits
dibdabable
Posts: 290 Forumite
Hi All.
I'm wondering how I would work oout ho much we will owe HMRC when our review is here for Wtc.
We were only receiving Tax Credits from April 2015 to July 2015 as my OH retired and then received an Occupational Pension. We hadn't planned on my then receiving Occupational Pension on ill health grounds in Sept 2015. I rang HMRC WTC at this time but was told they wouldn't do anything about the change until review time.
We've ended up with a large income difference from the PYI (2014/15) to the CYI (15/16) even with the £5,000 disregard we're still about £7,000 over.
Might sound like an obviuos question, but as said we weren't claiming for children and received about £630.00, so I'm just checking that's what we'll owe them?
I'm wondering how I would work oout ho much we will owe HMRC when our review is here for Wtc.
We were only receiving Tax Credits from April 2015 to July 2015 as my OH retired and then received an Occupational Pension. We hadn't planned on my then receiving Occupational Pension on ill health grounds in Sept 2015. I rang HMRC WTC at this time but was told they wouldn't do anything about the change until review time.
We've ended up with a large income difference from the PYI (2014/15) to the CYI (15/16) even with the £5,000 disregard we're still about £7,000 over.
Might sound like an obviuos question, but as said we weren't claiming for children and received about £630.00, so I'm just checking that's what we'll owe them?
0
Comments
-
If the income increased by £7000, the first £5000 will be disregarded.
The overpayment on the remaining £2000 would be approx £820 if the claim was for the full tax year. It will be less for the period you claimed.0 -
Darksparkle wrote: »If the income increased by £7000, the first £5000 will be disregarded.
The overpayment on the remaining £2000 would be approx £820 if the claim was for the full tax year. It will be less for the period you claimed.
the OP says that even WITH the 5k disregard, they are 7k over.
that means they are 12k over before the application of the disregard0 -
-
Yes Nannytone is right, I did say even with the disregard of £5000 we would be still be £7000 over. So a total of £12000 before the disregard.
Perhaps yu could let me know having taken that into account. Also we only received a partial year from April to July 5th only.0 -
dibdabable wrote: »Yes Nannytone is right, I did say even with the disregard of £5000 we would be still be £7000 over. So a total of £12000 before the disregard.
Perhaps yu could let me know having taken that into account. Also we only received a partial year from April to July 5th only.
Overpayment if for full year would be £2870. So likely all money you had will be overpaid.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards