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Tax credit 90% repayment wanted knowbody can tell me why ?
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Northern_Wanderer said:For 2023-2024 child tax credits, your elements are likely:£545 family element + 3x £3235 chile element = £10250 total elementsThe income threshold for tax credit only claims is £18725, income over this is deducted by 41p per £1On an income of £45000 - 18725 = £26275 over the threshold, this is multiplied by 41% = £10772.75 deduction from award, as your award is £10250, this wipes out your award. Therefore you have been overpaid as you didn't qualify for tax credits and presumably didn't tell them about your change in income.On an income of £38000 - 18725 = £19275 over the threshold, this is multiplied by 41% = £7902.75 deduction from award, as your award is £10250, this gives an award of £2347.25.Does that help you?
odd as now on UC which is worked out monthly seems to be almost the same approximate payments ?
but if this is correct and they way child tax credits works then i guess thats it .0 -
HMRC and DWP seem clueless on the phones0
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sausagesurfer said:sheramber said:How long ago did you get notified of the overpayment as you have 3 months to appeal it.
if were are not eligible i get it but we are now on UC 3 children on almost exactly the same as when we on TC earning more money now and this is worked out each month -
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Yamor said:Assuming that you were entitled to the 30-hour element of WTC, but no disability elements, nor any childcare, then when your award was based on the previous year income of £38k, you would have expected to receive about £3.3k in tax credits over the 23-24 tax year.
With an actual income in 23-24 of £45k, actual entitlement would go down to about £1,460, and with an income of £47k, it would be about £640.
OP, the threshold if in reciept of working tax credits is £7455 for 2023-2024 tax year. So you would add up all your elements and use a similar calculation to what I wrote earlier but use the lower threshold of £7455. I can calculate it if you can list all elements in your award.
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Icequeen1 said:Northern_Wanderer said:For 2023-2024 child tax credits, your elements are likely:£545 family element + 3x £3235 chile element = £10250 total elementsThe income threshold for tax credit only claims is £18725, income over this is deducted by 41p per £1On an income of £45000 - 18725 = £26275 over the threshold, this is multiplied by 41% = £10772.75 deduction from award, as your award is £10250, this wipes out your award. Therefore you have been overpaid as you didn't qualify for tax credits and presumably didn't tell them about your change in income.On an income of £38000 - 18725 = £19275 over the threshold, this is multiplied by 41% = £7902.75 deduction from award, as your award is £10250, this gives an award of £2347.25.Does that help you?
Thye OP only mentioned child tax credits, that is why I used those figures. OP may have been working and not qualify for WTC. Those facts are not clear here.0 -
Northern_Wanderer said:Icequeen1 said:Northern_Wanderer said:For 2023-2024 child tax credits, your elements are likely:£545 family element + 3x £3235 chile element = £10250 total elementsThe income threshold for tax credit only claims is £18725, income over this is deducted by 41p per £1On an income of £45000 - 18725 = £26275 over the threshold, this is multiplied by 41% = £10772.75 deduction from award, as your award is £10250, this wipes out your award. Therefore you have been overpaid as you didn't qualify for tax credits and presumably didn't tell them about your change in income.On an income of £38000 - 18725 = £19275 over the threshold, this is multiplied by 41% = £7902.75 deduction from award, as your award is £10250, this gives an award of £2347.25.Does that help you?
Thye OP only mentioned child tax credits, that is why I used those figures. OP may have been working and not qualify for WTC. Those facts are not clear here.0
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