Tax Credit Renewal

[babythinktwice]

Sorry, a dull question but I would be very grateful for help. I’m just renewing my tax credit claim online. I am self employed and my income will be an estimate.

On the renewal website it asks for the income amount for the year and has a box to fill in. I’m assuming that after I fill the estimates figure in and press return it will give me the option to tell them that this is an estimate only? I would hate to get this wrong and has a mess to sort out!

I’d be very glad if any help. I have completed online before but I think it allowed you to state that it was an estimated figure before pressing return iyswim

Is this for this year April 23-24?

They usually give you a £2500 buffer so you only need to tell them if it (your estimate) goes up or down by that or more. They won't expect exact figures as you won't know exact figures yet.
As the year goes on you should be able to estimate whether or not you need to inform them of a change.

Every year mine is different from the early prediction, its never been an issue as if it gets too close to the buffer you can log in and change your income.

Worst case you will have an overpayment and have to pay it back.

Thanks for your reply Banana. It’s my estimated income year ending April 23. I’m just doing my paperwork now but may not have it done by end of July for the TC deadline. The website asks for my income but as I don’t know it yet I need to put an estimate in. I just wanted to check I can tell them it’s an estimate further into the online form.

I think further on you can say it’s an estimate. But if you have any issues you can always call and speak to them on Monday when they are open.

Thanks Serena, I think I’ll do that tomorrow