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Think I messed up - Tax Credits
Randomreader
Posts: 37 Forumite
Hi, would be grateful for some advice. Think I have inadvertently messed up.
I am in receipt of tax credits. I am buying out my ex so I cashed in an AVC and received £4742.68 in October 2020. They said I had to pay tax but I didn’t realise it may be counted as income so I didn’t contact tax credits about it.
The buyout has been a drawn out affair and is only happening now and it was only when I went to my Gov Gateway to check info for the mortgage that I see the money from AVC is on showing on it as income.
The buyout has been a drawn out affair and is only happening now and it was only when I went to my Gov Gateway to check info for the mortgage that I see the money from AVC is on showing on it as income.
Will I have an overpayment?
What is my best course of action? Should I contact tax credits now or wait for renewal?
My tax credits will end in Aug as my youngest going to uni in Sept.
in case it is relevant I have put further details below:
Claim for one child
salary 20746.00
work 30 hours
award wtc 88.09, ctc 3379.90
salary for year end 31 March 2021 - 22777.85
I appreciate any advice received, thank you.
in case it is relevant I have put further details below:
Claim for one child
salary 20746.00
work 30 hours
award wtc 88.09, ctc 3379.90
salary for year end 31 March 2021 - 22777.85
I appreciate any advice received, thank you.
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