Please help help help!

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StaceyRD
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Posted: Fri Jan 21, 2011 10:33 am 
Post subject: Please help help help!
Are child tax credits from this year paid from what my income was last year?
I've just found a letter from November that says my income last year, but also says this years one. What does it go by?
I was getting 80 a month, which from now to April drops to 54, but I have no idea why and it's frustrating me, because it only dropped after I rang them and said I wasn't working anymore Confused I had estimated my income to be 9,000, but yesterday got my P60 (tad late!! Evil or Very Mad ) saying I earnt 7,500, so I rang tax credits and told them and they said they'd process it and send out another letter. Does this mean I should expect my payments to increase a bit or to be owed some?
My income this year was only 2,500, does that form the basis of how much I'll get next year?
I know it goes by joint income, but OH's hasn't changed and he's on an good/average wage which hasn't recently changed.
I'm so confused, so any help would be fantastic, thank you.
xx
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minine1
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Posted: Fri Jan 21, 2011 10:50 am 
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tax credits always confuss me lol.... but you will prob find that you may get a one of payment between now and april as you hadnt actually earned as much as you say you did so they will prob owe you money, or your money will go up slightly till april...... as regards to the money you have earned this tax yr will go off the money you have earned from april 2010-april 2011..... so you will prob find your get more from 2011-2012 as your income was lower in 2010-2011 hope that was of some help xx
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Rhoo
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Posted: Fri Jan 21, 2011 11:00 am 
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also you get more when your baby is under 1 so that will be one of the reasons your money has dropped a bit
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DL05
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Posted: Fri Jan 21, 2011 11:33 am 
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When I was working I rang tax credits and told them my income and they dropped our payments straight away, then when I was made redundant I rang back and they said they would adjust them upwards straight away, but they didn't Confused Then when the new tax year started they assessed our income on the previous year including my earnings Rolling Eyes because of another mess with them not putting my DD on even though she was at college I didn't realise and then when the next years started with me not working the previous year it went up and they also sent me a one of payment for all the money I'd been underpaid by the previous year when they'd still been taking my none existant earnings into account. So i'd say they are really slow at sorting things out and always base it on last years earnings even when you tell them about changes , and if it's close to renewal time they quite often don't want to know and just say it will be sorted out then Rolling Eyes I'd say your tax credits will go up this time but you might not get what they owe you from this year until they do your new assessment and finalise this years payments. Why they cant do it like they used to before the Tax office took over and go off your actual earnings at the time I'll never know, the way they do it now your always a year behind x
mumsy72
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Posted: Thu Jan 27, 2011 11:27 pm 
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I know it's confusing, I got a similar letter too , after I informed them Rolling Eyes I phoned them and they explained me how it worked, I had not realised one was for last year, so I had the impression they were nearly supressing payments Laughing call them...

And by the way, not sure if it applies, but if you paid taxes on the amount you earnt, don't forget to claim it back if you earn less than 6475, you should not be paying taxes on those so make sure you put your claim in Wink

http://www.hmrc.gov.uk/rates/it.htm
StaceyRD
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Posted: Sat Jan 29, 2011 7:42 pm 
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Thanks all. Got revised letters yesterday and money hasn't changed one bit.
Don't know about what'll happen in April, these ones look pretty fine.
Bit upset as 1,500 is a big difference and every penny counts, but, it's free money so I won't be ungrateful.
Thank you mumsy72, I'll have a recheck of my paychecks and see what my taxable figures were and get in touch with someone if they're lower than 6475 - I had no idea so really, thank you
x
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