tax credits renewal help plz

[claire99991]

i sent my renewal pack of aprox 2 and half weeks ago as i was waiting for my p60 from my employer, anyway i havent heard anything and i know a lot of people are getting a turn around of renewing and getting there reward notice within about a week.....i rang today and she said she would check it, then she said they have it looged as recieved and waiting to be processed, will my payments stop as it hasnt been processed or should it be ok as i have sent it of before the deadline, my figures are pretty much the same as last year apart from i earnt 90 pound more than i thought over the whole year,

 

any advice appreciated xxx

[backofbeyond]

In answer to your question - No your payments will not stop. They have confirmed that they have received your renewal pack therefore you have nothing to worry about. They only stop payments (and not sure if they do or just threaten to) if you haven't renewed by 31 July.

 

I sent my renewal pack in on 05 July and was told it was being processed last Weds. I expect I will receive my new award notice in a couple of weeks. Phoning your renewal in is much quicker and I will defo be doing that next year as can't be doing with playing the waiting game and checking bank each day lol.

 

Hope this helps x

[flumps1976]

As long as they have received your renewal your payments will continue until they process your information and declaration when you will receive your new award for the current tax year.

In answer to the post above they do stop all awards if the claim is not renewed and an overpayment is raised for the whole of that tax year.

[millie111]

HI JUST WONDERING WETHER SOMEONE CAN HELP ME AS I CART SEEM TO UNDERSTAND WHAT INCOME I HAVE TO GIVE THE TAX CREDITS NOW MY INCOME HAS GONE UP I GAVE THEMN AN ESTIMATE OF £3890 AS SELFEMPLOYED FROM MAY 17TH 2011-2012 ALSO £528.00 FROM APRIL 2011-17TH MAY AS I WAS EMPLOYED FOR THAT 2011 TOTAL £4418.00 NOW MY INCOME IS GOING UP TO AN EXTRA £70.00 PER WEEK FROM 25TH AUGEST 2011 WHEN I RANG TAX CREDITS THEY WERE NOT HELPFULL AT ALL HE ASKED ME IF I PAY TAX AND N.I AND I SAID I PUT A WAY 23.00 PER WEEK FOR THIS .dO THEY TAKE INTO ACCOUNT MY TAX AND NI ALSO I WILL BE CLAIMING FOR BUS PASS ETC INTERNET AS I WORK FROM HOME SOMTIMES I HAVE NOT GOT A CLUE IVE JUST GOT MY HEAD ROUND TAX AND N.I CAN SOME ONE HELP PLEASE

[claire99991]

mille - (plz someone correct if im wrong) you give the tax credits what you expect to earn from your self employement after you have taken all of your things you can claim back from your buisness (i think anyway) hmmmm maybe start a new thread and ask about it im sure someone else would no the answer properly

 

x

[whymehfor]

Firstly turn off your caps lock key.

 

To answer your questions. Tax credits are worked on from your previous tax year and an estimate of the current tax year. You have one months grace to tell them of any changes. If your estimate for this coming year is more than you told them then do declare it .

 

So you estimated 3890 to hmrc in may

then another 528

so thats 4418

And theres roughly 32 weeks between aug 25 and april 5th so 70x32 =2240

 

so your original estimate has gone from 3890 to 6658, I would tell them this ..

 

Also they are only interested in your net profit .. so if you made 12k in turnover and 11k went on expenses, tax credits people will only want to know about the 1k !

[millie111]

Hi thanks for this do i take off the tax i have just started putting of 23.00 per week away for my tax and n.i come april next year also i pay for bus fare of 22.20 per week and my internent is 10 permonth and i also have a unifrom to buy i may have to claim for other things eventually do they tax credits take this into account?

[whymehfor]

is this your first year as Self employed ?

 

Tax credits only look at your profit that you made.

[claire99991]

yea i thought it would be just the net profit

[whymehfor]

Correct

[millie111]

hi yes it is the 1st year

[claire99991]

yea they take into account all the things you claim back from being self employed uniform bus fayres (keep reciepts) my OH is self employed and he claims back milage, tools, stationary, advertising, uniform, etc..we give them the net profit after everything has been taken into account,

[whymehfor]

Be careful on "dual" usage.

 

Millie, the reason i asked if it was your first year is that the HMRC do some work shops to help you thru the first year of trading

[millie111]

so when i ring them tommorow do i have to take my tax and all the other stuff off the £6658.00,as when i rang them today i felt like right idiot as i didnt no what to give them.Would they do the training in my town if so how do i get there number and what is dual usage? forgive me for being a bit slow lol but i want to get every thing right

[whymehfor]

Errm will your income be more or less than last years.

 

And was the 3890 estimate net profit?

[whymehfor]

In answer to your question - No your payments will not stop. They have confirmed that they have received your renewal pack therefore you have nothing to worry about. They only stop payments (and not sure if they do or just threaten to) if you haven't renewed by 31 July.

 

I sent my renewal pack in on 05 July and was told it was being processed last Weds. I expect I will receive my new award notice in a couple of weeks. Phoning your renewal in is much quicker and I will defo be doing that next year as can't be doing with playing the waiting game and checking bank each day lol.

 

Hope this helps x

 

Mine was a few days earlier(than the 5th of july) by phone as i always give S.E estimates and still no credit award

[millie111]

i was working for an employer from april 2011to may2011 then left and went self employed may 2011 my wage from april till may was 528.00 with my employer then i put an estamate in for self employment from may 2011 till 2012 of 3890.00 in year 2010-2011 last year i was also working for an employer so 2010-2011 i earned 4210.00 and that was all fine when i was working for some one but im finding hard to do this self employed stuff lol

[whymehfor]

Firstly theres no rush to phone them tomorrow. so lets get right for you that your estimate is ok

 

the tax side can be quite daunting in the first year . but it does get alot easier for year 2.

 

 

how did you get to the estimate of 3900?

 

Did that include expenses or not? I'm happy to work out an estimate for you in the forums or in pm. I will add that i'm no tax expert but have done basic accounting (gcse level) .. the HMRC are friendly peps too ..

[millie111]

thanks clairexx

[whymehfor]

am Off to bed - i will look at this thread tomorrow !

[millie111]

when i started selfemployment in may my earnings where 98.44 i was doing 16 hours a week at minimum wage but from augest my wages have gone up an extra 70.00 per week

[millie111]

thanks so much i will be on again tom really apriciate your help

[millie111]

hi there was wondering if your on line tonight as i want to get on to the tax credits if possible but not sure how much to estimate

[whymehfor]

Hi Millie, - have you got excel on your computer/laptop ?

 

Just doing something for you which others may find helpful. in not only to get year end results but to estimate too

[millie111]

yes i do not to good with it as my friend is comming round tommorow to show me how to put my wages etc on it so i can keep a record