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Tax credits question


Nikki81
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Hey i am new here i have a question in the tax year 15/16 i earned£11300 and in 16/17 i earned £6879 i told the TCO in Oct i had a new job they worked out an estimate of£8000 for the year does anyone know if i will be due money back from them or if i wont be so lucky lol many thanks

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Hello and Welcome Nikki81,

 

Sorry It's not something I can help you with but hopefully you will get some answers shortly.

 

Regards,

 

Scott.

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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When your income goes down, the first £2500 reduction is ignored (same as when it goes up), but with 15/16 £11300, then £6879 for 16/17, the income used for 16/17 will be £9379. If £11300 was used for the whole year instead, there could be a refund of an underpayment. If instead your income was adjusted to an expected amount of £8000 back in October, the adjustment would have been made already to £10500 for the year. Look at your award and see what it says was used to calculate your entitlement, there could be a small amount of underpayment due when the claim is finalised.

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