Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

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.

Flip

Original poster

I think I've been underpaid TC this year

8 replies

mayaknew · 22/03/2015 10:19

Dh and I both went back to being in full time education in August . I phoned up for a new calculation and we got a new award in September .

I was messing about with the calculator because I'm still classes as in employment but I've hardly been able to do any shifts so I was checking if I'd be better just leaving my job and focusing on uni . Anyway I checked it with this years info and we are getting Â£45pw less than the calculator says we should get .

How does it work if it's due to a mid year calculation is it just tough luck or will we get the difference when we renew ?

OP posts:

Original poster

mayaknew · 22/03/2015 13:14

Bump

OP posts:

Oakmaiden · 22/03/2015 13:23

I think you can phone the tax credit people and update them on your projected earnings at any time, and they will then adjust your credits accordingly. It certainly wouldn't hurt.

snarferson · 22/03/2015 13:37

They don't take the first 2500 of an income change into account. The calculator won't understand that as it just goes by the figures you put on. They will work out a correct entitlement at renewal so if you are indeed up you will get it back.

Original poster

mayaknew · 22/03/2015 13:47

Thanks oakmaiden I didn't know that I thought it was just for change of circumstances . I might just give them a call .

Although is it worth it with only two weeks left of the tax year . I'm not sure wether to just wait on my renewal but then I'm not sure what will happen if I've overestimated our income (tbh I can't remember what estimation I gave) .

OP posts:

Original poster

mayaknew · 22/03/2015 13:48

The first £2500 always or just if you want a mid year reassessment ? I don't think I would have overestimated by more than that but not far off .

OP posts:

BloodyDogHairs · 22/03/2015 15:16

When you re-new TC if they owe you then it will be given as one lump sum then the payments will change according to the wages now.

For 2 years in a row I've had a lovely lump sum which I wasn't expecting.

snarferson · 22/03/2015 20:06

It's the first 2500 of an income change from the previous year if that makes sense. So you earned 10k last year but only expect to earn 7500 this year your award would still be based on 10k.

Original poster

mayaknew · 22/03/2015 21:40

Ah ok . I doubt I would have overestimated by more than £2500 so my payments are probably right . I estimated that our income would fall by £5000 but I haven't been able to do any shifts at work and I slightly overestimated DHs hourly rate so I think it's been more like £6 or £7 k .

Uch well I will just wait til annual renewal and see what happens . Thanks anyway everyone

OP posts:

Flip