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miscalculated my net income for tax credits annual declaration

3 replies

Eli96 · 04/01/2014 19:59

I rushed my child and working tax credit form in July and should have said it was an estimate but didnt. I am now doing my self assessment tax return online and have calculated that my net earnings are £867 less ie I have found some mislaid receipts for expenses. What should I do as my tax credits and tax return don't tally?

OP posts:
CunfuddledAlways · 04/01/2014 20:03

just ring up and explain, this happened to us last year and they where very understanding and sorted it over the phone in no time

CogitoErgoSometimes · 04/01/2014 22:34

Tax credits are based on gross earnings normally. Agree with giving HMRC a call. It's not a big discrepancy

mrsminiverscharlady · 05/01/2014 12:59

Tax credits are based on the income you pay tax on. So gross earnings for tax purposes, which if you are self employed will be after (or net of) allowable expenses.

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