WTC Query?

[Rocketronnie]

Hi all I have a couple of question about mine and my partners WTC claim as we are new to claim WTC.

 

My partner works 33 hours a week at NMW and I worked 15 hrs a week but my contract came to an end at the end of November, we have been claiming WTC since April.

 

I have checked entitled to website and says we are still entitled to the same amount of WTC.

 

Questions are do I need to inform the HMRC of the change of income even though they won't be a change in amount received or can I just wait till the renewal forms in April? Is they any negative effects of not informing them and waiting on the renewal?

 

Also on to the question of renewal our income for year 15/16 will be lower than 16/17 so on the renewal forms can you put down how much your going to earn for the year 16/17 instead of going off the years 15/16 income? As it is going to be about £5,000 less for the year 16/17.

 

Thanks for any advice.

[mikeymack2002]

A change of circumstances is required if your money goes up OR down. Be safe a make the decision to notify this way you will always have the correct details registered. Also if you do not do so it could come back to haunt you later on...

[Queens_king]

Would it not be a good idea to pay the unwanted income into a savings account then when they do come after you for over payments you have proof you have not used it and can repay immediately. Make sure you have a record of you informing them with dates and copies of letters and transcripts of your notes f Tele calls.

[mikeymack2002]

That is one option and up to you. But as advised I wouldn't do that. Why, because if you fail to notify a change within a reasonable time (21) days you could get a penalty for it and that could be 1000's or nothing or anything in between again that's up to you.

 

You could also get prosecuted for it too. But again that's up to you. I am just answering your query here and giving as many options as is reasonable.

 

Finally getting a criminal record is it really worth the cost of a letter? Please do the right thing and declare a change of circumstances...

[Lapsed Workaholic]

Rocketronnie, what you have described is a change of circumstances.

 

You must notify the appropriate authority of any change of circumstances immediately however trivial it may seem to you, or whatever 'advice' you may have gleaned from any other source.

 

Asking the appropriate authorities that you notify to confirm to you in writing what, if anything, more you need to do would put the onus on them to give you the right advice.

 

Make sure you keep records/evidence of having done so. Failure to do this could result in all sorts of grief later on. Make sure, too, that you have confirmation in writing of the effect, or not, that the change of circumstances may/may not have.

 

Income for the financial year 15/16 cannot be definitively determined until the end of the period. Any figures you use now can only be an estimate based on the current position. Likewise for future years.

Mikeymack could not have made the position clearer, ignore his advice at your peril.

 

 

If you can provide a link to the website that you have got the information from that might help us to determine its veracity, but however reliable it may be, the fact remains that you must report changes of circumstances.

[Rocketronnie]

After reading all the advice here I decided that it's probably in mine/my partners interests is to inform them as I wasn't sure about the change of circumstances/phone call malarkey.

 

Anywho I rang them he made the changes to our account and said it will be 4/6 weeks and I will get a revised tax credit notification and we will be still entitled to them since my partner is working over 30 hours and payments will continue at the same rate until the revision is done and will then either go up or down.

 

Thanks for all the sound advice .

[reallymadwoman]

It might be worth either confirming in writing what was said/agreed in case your phone call gets lost or forgotten, or at least chasing them up if you don't hear something.

[mikeymack2002]

We try to help posters not to fall into the overpayment trap. This would mean you paying back a debt that was not needed to be dealt with. It just makes great sense in dealing with it at the earliest opportunity and getting HMRC to work out what you are due and to process your claims correctly...