Silly question RE: tax credits

[Heavenx]

I am receiving tax credits based on the figures of our p60's from April '07 to '08 so do they calculate what they give us assuming that's how much we are currently earning now?
I'm a bit on edge because I know we earn more now which will show in our p60's for '08 to '09 and I'm worried they'll say we owe them money back and I don't want to get slapped with a huge debt. I just don't understand how they figure it out exactly?

Sorry for asking a daft question

 

[lesleyann]

i cannot help but will be watching to since Oh got a pay rise this year

 

[Teel]

Tax credits is always based on the year before.

Where in the tax year 5th april 2008 to 6th april 2009.

So TC will be based on P60 2007-2008.

if you knw your earnings are more or have had a slight increase, you can always give them an estimate to them. Its always better to over estimate than under estimate and get a fat bill from them saying you own them!

 

[Vici]

Yes, you can give them your estimate if this is expected to be over or under your last P60s. DF is now self employed so earning alot less than last yr and i'll be on mat leave so they said to ensure we give estimates

 

[Kimboowee]

So, OH earnt wayyy less last tax year, and its based on that..

But next april can we give them the figures from 09-10 p60? Or is it estimated??