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Quandry what to do please


rjtcgt
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Hi All

Advice please if possible.

 

 

My 3 Children who are all adults and I have a number of properties approx £9,000 a year income each ,

we pay tax via HMRC etc.

 

 

The problem we have is that when they got into relationships and now have children the oldest being 3 years old they started to claim WTC /Child tax credits.

 

They asked me if they should put down the income from the properties

I thought it was the same as child benefit and just told them no ,

However I now know this to be incorrect.

 

 

We want to put the situation right so can we just put the income on the next submission when they claim and see if they question it ?

 

or what would the best thing to do be please if the above is not suffice.

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Yes should be declared as income from the relevant date and they will work out what tax credit have to be paid back.

 

They could just declare the next time they have to make a submission and it may not be questioned as to how long they have received the income. There are huge numbers of people claiming tax credits and making submissions. They would have to be unlucky to be questioned as to how long they have had this extra income. I think they just key the data into their systems and that is it.

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And if it is picked up and there is an investigation it could be questioned why they didn't declare it when the error was discovered. Deliberately hiding the income could be seen as fraud and lead to prosecution. Is it worth the risk?

 

I don't understand why you thought the income was the same as child benefit.

 

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Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Hi I just assumed it took the place of child benefit and I know my lack of knowledge is no excuse , but want now to explore how best to correct this when I realised I've told them to declare it

Edited by rjtcgt
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Ah I get you. Well it's a genuine mistake and is put right, apart from repaying it, I don't think it should be a problem.

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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No It will be repayed if it can be all I want to know is the best way to resolve the situation , it was a genuine error and will be re payed I only want to know the best way to get it resolved

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Tell them to call and explain how much for each tax year.

 

So for example if they made a claim to tax credits in the 2012/13 tax year they should report the figures for 2011/12 to date.

 

Do not just submit it for the current return because if they do checks it would appear they have tried to hide it for previous years.

 

Tax credits are constantly doing compliance checks now and it would be easy for them to check the self assessment records for themselves.

 

Best that it is reported by them.

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Absolutely, 'fess up !!

 

Report the issue to them before they find out and treat it in a far more serious manner.

 

:-)

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Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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Told them , in letters with explanation and dates at how much should have been entered for all years and that we are willing to pay in full with the penalties etc.

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Hi Rjt,

 

I would not have offered to pay penalties. If they want them, let them say so.

 

Anyway, it's done now so let us know how it goes.

 

:-)

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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