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Anyone know how to work out how much we will need to pay back tax credits?

(3 Posts)
AdamantEve Sat 08-Nov-14 12:10:50

My DP is self employed and income fluctuates greatly year on year.

We estimated last years income to be £19000 but after finalising the accounts it has come to £27000 so we will have been overpaid tax credits for last year.

I have phoned and they are sending out details once it's been calculated but has anyone any idea how much it is likely to be? flowers

lougle Sat 08-Nov-14 12:18:19

£3280.

For every pound you earn, you lose 41p in tax credits.

8000 X 0.41 = 3280

AdamantEve Sat 08-Nov-14 13:06:52

Thank you that's really helpful, hopefully they'll be receptive to a repayment plan!

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