Tax credits query


S

soundboy

My earning for the last couple of years have been approx £15,000 (a year)

I have a partner and two kids (under 16) So I claimed Tax credits

I filled in my 'new claim' as you do in April, since then my partner has
started work earning about £17,000 (a year)



Anyway because of the £25,000 buffer I haven't let the tax credit guys
know - now I'm wondering if I should, and if I do will they reduce my
credits.



Any help would be appreciated.
 
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M

mart2306

My earning for the last couple of years have been approx £15,000 (a year)

I have a partner and two kids (under 16) So I claimed Tax credits

I filled in my 'new claim' as you do in April, since then my partner has
started work earning about £17,000 (a year)

Anyway because of the £25,000 buffer I haven't let the tax credit guys
know - now I'm wondering if I should, and if I do will they reduce my
credits.

Any help would be appreciated.
They will sort out the overpayment either when you notify them or next
may/june when they ask for this year's figures.
Just depends how much overpayment you want to have.

Martin <><
 
A

Andy Pandy

soundboy said:
My earning for the last couple of years have been approx £15,000 (a year)

I have a partner and two kids (under 16) So I claimed Tax credits

I filled in my 'new claim' as you do in April, since then my partner has
started work earning about £17,000 (a year)



Anyway because of the £25,000 buffer I haven't let the tax credit guys
know - now I'm wondering if I should, and if I do will they reduce my
credits.
They won't reduce them this year but will from next April. You'll
probably just get the family element of £545 a year next year (unless
you're claiming childcare or disability elements).
 
S

soundboy

My earning for the last couple of years have been approx £15,000 (a year)

I have a partner and two kids (under 16) So I claimed Tax credits

I filled in my 'new claim' as you do in April, since then my partner has
started work earning about £17,000 (a year)

Anyway because of the £25,000 buffer I haven't let the tax credit guys
know - now I'm wondering if I should, and if I do will they reduce my
credits.

Any help would be appreciated.
They will sort out the overpayment either when you notify them or next
may/june when they ask for this year's figures.
Just depends how much overpayment you want to have.

Martin <><

But hang on - I thought there was a buffer in place? This is suppose to be
£25,000 - so if you increase or partner gets a job and the extra income
dosen't exceed this amount there shouldn't be an overpayment.
 
A

Andy Pandy

soundboy said:
But hang on - I thought there was a buffer in place? This is suppose to be
£25,000 - so if you increase or partner gets a job and the extra income
dosen't exceed this amount there shouldn't be an overpayment.
There is. If your income this year has increased by less then £25,000
since last year the increase is ignored for this year only. You won't
build up any overpayments till April. However next year (from April)
you may start to build up overpayments between the start of the new
tax year and when they process your renewal/when you tell them.
 
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M

mart2306

They will sort out the overpayment either when you notify them or next
may/june when they ask for this year's figures.
Just depends how much overpayment you want to have.

Martin <><

But hang on - I thought there was a buffer in place? This is suppose to be
£25,000 - so if you increase or partner gets a job and the extra income
dosen't exceed this amount there shouldn't be an overpayment.
My increase in the last 2 years has been less than a grand each time.
And they've sorted out the overpayment each time.
Come to think of it, many of the people I work with who are on tax
credits are regularly repaying overpayments.
Seems like the rules aren't clear or tax credits office simply don't
give consistent decisions.

Martin <><
 
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