Tax Credits Overpayment question

bigfatolly71

I've just had my tax credit statement back after renewing just before the July deadline.
It appears I have been overpaid by £4800.
I don't disputed this as I'm self employed and my earnings were much higher this financial year than last year.
My question is,do they ask for payment straight away or do they wait until the end of this financial year?
I understand I have to pay it back but I need to get a plan in place in how I am to do so.

Thanks in advance .

Darksparkle

What tax year is the overpayment for?

bigfatolly71

It's for the year up to the 5th April 2018.
I've also been overpaid from that date until now, but that figure will be taken from future awards by reducing payment to zero.

Darksparkle

If you have future entitlement then the 2017/18 overpayment will also be taken from that. The 2018/19 overpayment won't be finalised until you complete the next renewal.

bigfatolly71

My payments have gone down to zero,I'm going to have to go right back as they say my overpayment totals over £7000,£4800 of which they want back ,with the other £2300 odd being taken from future payments?

Has anyone else on here had an overpayment recently and what did you do about it?

Darksparkle

Have you actually received a notice to pay letter?

bigfatolly71

Not yet, no.
I'm presuming that will come next, after my statement?

50Twuncle

I was overpaid to the tune of £1800 a few years ago

The reason was that I underestimated my income by £50 per week
I am disabled

HMRC got really threatening - telling me that if I didn't repay within a month - they would take me to court !!
I repaid it there and then

Placitasgirl

Hi Alice,

The poster you responded to says they underestimated their income by £50 per week, not per month, so quite a big difference to the figure they'd estimated.

Alice_Holt

Placitasgirl wrote: »

Hi Alice,

The poster you responded to says they underestimated their income by £50 per week, not per month, so quite a big difference to the figure they'd estimated.

Thanks.
I have deleted my post - as you say It does make a big difference!