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Have underestimated total salaries for TCO - what now?
machairs
Posts: 147 Forumite
Because I was on the unpaid bit of Maternity Leave for part of last tax year I estimated our income. It now seems that I have underestimated by approx £700. What happens now? I haven't received my renewal pack yet. Is there a formula to work out how much I will have to repay?
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Comments
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The estimate you gave for 07/08, was it lower than the total income for 06/07?
If not you wont have been overpaid.
If it is, then you could be overpaid by approx £259.
Basically for every £1 you would have earned in 07/08 you should lose 37p from your award.
700 x 37p = £259
If you have been overpaid and you still qualify for TC, it will be deducted from your future payments rather than ask you to pay it back directly.0 -
Oops! Blame the hormones or lack of sleep (11 day old baby) but, having looked at the paperwork again I've realised I've picked up the wrong figure. I have in fact overestimated our income for last tax year by £949 so TC should be owing me money instead of the other way around.
A0
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