Tax credit question...

[mrscookie]

Basically what it is, I over estimated my annual income by over a grand I would say.. it is the 'correct' amount, however, not being paid sick days etc my income took a bashing when I was off sick, and took a couple of days for the snow that I didnt get paid for either, so my actual earnings are less than i'd normally get in a year. I know when you under estimate you end up owing them... but what happens when they owe you?

 

[RaInBoWs]

im not sure it may be adjusted so your first payment of the new year is slighty more, best thing to do is ring them and tell them

 

[claire99991]

i over estimated by about 5 grand they basically told me its my owne fault and nothing would happen however they have sent it to head office for them to make final decision that was weeks ago ni havent heard anything hope you have more luck than me xx

 

[Harveysmum369]

I was told they would then change the payments when you update with your actual income.The woman on the phone said it was best to over estimate.xx

 

[mrscookie]

Am I best waiting for my p60? xx

 

[WhiteGeisha]

The lady at the TO worked mine out and she has under estimated mine for the 2011-2012 by about £1k.

I looked online and they give you a certain amount of time to tell them - so I am going to wait for my P60 and renewal pack so that they get the correct figures and I don't have to change them again if my P60 was to be slightly different.

It's hard for me to work mine out as worked messed up my SMP payments and paid me full pay for 3 months before noticing so I owe them money now and my wage slips are all messed up.

Go on the HMRC website and it will tell you.

But I am sure you have a decent time frame in order to give them the correct figures. If they are sending the renewal packs mid April I am guessing they are doing this as they know most people will get their P60 with April's wage slip.
x

 

[WhiteGeisha]

I just called them.

We did an estimate which will not be far off the actual amount on my P60 as I have my March wages slip with earning to date on and them a week's SMP which takes to me 5th April 2011.

They are sending me my awards notice recalulation for the rest of this tax year (not long!) and I will probably get a little bit more in my last payments for this year.

I thought my estimate was wrong by £1k over but I don't know how to work it out and actually it works out as I have earnt £1k less so will get a bit of money back! Hope this makes sense.

Call them, the lady was so helpful and even discussed what I need to do for next year with my new hrs, childcare costs etc x

 

[mrscookie]

Thank you white Geisha! Will call them now xxxx