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made a tax credits error and actual income was a lot less - can I back claim?

(5 Posts)
Pendu Sat 25-Jun-16 16:15:04

First year of being self employed and I was terrified of giving tax credits too low a figure so I carried on with last years. I finally got the figure from the accountant last week and it's a lot less than the figure they have - 9k less. The way our business is, it was so hard to calculate what we were going to earn until the end of the year but now I realise I lost a lot of tax credits sad

Do I get those back now they have the final income, or do you only have to pay back over payments ?

Shannaratiger Sat 25-Jun-16 16:19:04

You will get it back, just phone up and let them know.

GrimmauldPlace Sat 25-Jun-16 16:19:44

You should get an extra payment if they owe you money. I overestimated our income this year as DH started a new job mid way through the year and I wasn't certain what he would finish on and they gave me an extra payment. I presume self employed would be the same.

Fairylea Sat 25-Jun-16 16:20:14

Have you done your tax credits renewal yet? When you give them your final end of year figure they will give you back anything you're owed - we've had some very large lump payments before when I've over estimated our income.

Pendu Sat 25-Jun-16 16:24:10

I think I did my renewal - for some reason we keep getting old post (from last month) and also online it is showing a link for my renewal so I guess I better call again and double check. They have adjusted the payments but nothing back dated yet - I'll call them and make sure they did the renewal, not just an update - thanks smile

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