Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Tax credits - when are you meant to tell them about income changes?

3 replies

QED · 01/04/2012 09:40

As it is nearly the end of the tax year, I realise tax credit rates are about to change. I am not in the position where the new upper limits are going to apply. But I have several employed jobs and two self employed ones and so it's not as straight forward as "this is my salary" as there's lots of parts to add up.

My income has increased from 2010/11 but not as much as £10,000, so do I need to inform them before the annual review letter comes? Also, my self employed records are such that I do know what my profit on those are, but as I don't have to do my tax return until January 2013, couldn't self employed people legitimately not know what it is until nearer then? How does being self employed work with tax credits?

I suppose I'm concerned I will get overpaid as my income has increased - maybe I should call HMRC once we are into the new tax year. And one other question - I presume I have to let housing benefit know if there is any change to my tax credits (due to my irregular earnings I tell them whenever I earn anything so I'm quite often there Grin)

OP posts:
BikeRunSki · 01/04/2012 09:43

You've got nothing to loose by ringing them and asking (except about 2 hours on hold and the will to live).

QED · 01/04/2012 09:52

Losing the will to live is the part stopping me Grin. Never needed to do this before as when XH and I were together we just got the minimum and were in the band where you got £545 a year and it didn't change.

Until I get my P60s I won't know the employed amount for definite but I presume I could give an estimate before that.

OP posts:
violathing · 02/04/2012 12:46

You usually get a 'year to date' pay on your payslip so you couls add these up to get a total.
We have a similar problem as my DH is SE and you always have to provide an estimate for profit.
I have written to them with this info as I dislike calling the helplne, last time I called I went through all the menus and then it said to call back another time. What?

New posts on this thread. Refresh page