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Tax Credits - Starting Work
HoboUK
Posts: 6 Forumite
Anyone on the board have much experience with these ?
My Mrs has been at Uni so we were receiving TC's , she has now finished and will be starting full time employment next month. Our combined wage will be over the threshold so we wont be entitled to anything (which is fine as we wanted to not be using them anyway) and we will be phoning the tax lot to inform them of the change, but does anyone know what will happen regarding what we have already been paid for the year ?
For example if in April we had had the income we are going to have now , our award would have been 0 , so phoning late September are they going to ask for everything we have been paid since April back ? Does it work differently ?
My Mrs has been at Uni so we were receiving TC's , she has now finished and will be starting full time employment next month. Our combined wage will be over the threshold so we wont be entitled to anything (which is fine as we wanted to not be using them anyway) and we will be phoning the tax lot to inform them of the change, but does anyone know what will happen regarding what we have already been paid for the year ?
For example if in April we had had the income we are going to have now , our award would have been 0 , so phoning late September are they going to ask for everything we have been paid since April back ? Does it work differently ?
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Comments
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Anyone on the board have much experience with these ?
My Mrs has been at Uni so we were receiving TC's , she has now finished and will be starting full time employment next month. Our combined wage will be over the threshold so we wont be entitled to anything (which is fine as we wanted to not be using them anyway) and we will be phoning the tax lot to inform them of the change, but does anyone know what will happen regarding what we have already been paid for the year ?
For example if in April we had had the income we are going to have now , our award would have been 0 , so phoning late September are they going to ask for everything we have been paid since April back ? Does it work differently ?
It depends how much the increase is, but yes it is possible you may have been overpaid earlier in the year because tax credits are calculated using an annual income.
The best thing you can do is ring them and give them an updated estimate and then see what impact that has.
IQ0 -
I would think so , yes.
It's probably going to be 6 months wages so she will earn around 12k
I did a quick calculation based on her earning 12k , in fact I used 10k as her earnings as she gets to disregard 2500 ?
If so then we will have been paid **just** under the revised award for the year so might just avoid an overpayment.0
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