*TAX CREDITS* - any MNs who work for them and can advise me about the problem please?

[lackofdosh]

My DH has neglected to tell me that he's been earning quite a bit of overtime on his wages which (I think) is going to get me into trouble with the Tax Credit people. He earns 18k a year basic but thinks his overtime is going to mean more like bringing home 23K this year - a £5k diffrence when it comes to how our tax credits were calculated!!! Am very that he hasn't kept me informed (thought to be fair some weeks he doesn't do any, it's not really regular or anything) and terrified we are going to be made to pay it back. We desperately need the credits we get to keep our head (just above) water and we just don't have £5k to give back. On paper we earn fairly good money but our childcare costs are killing us - approx £1,000 a month. So what with morgage, bills, travel costs to work we just don't have any money left at the end of the month. I've always told the Tax Credit people of any changes in circumstances straight away and can't believe we are now in this mess. Any advice would be gratefully received as I am so stressed about money at the mo this will just about finish me off. Thanks. [sad}

I dont work for them, but are you claiming the childcare costs through them?
They will probably reduce your payments massively next year
Tell them NOW that hes earn 23 grand, the longer you wait the more they will overpay you.

www.entitledto.co.uk if you put your details in there you will get a rough estimate of what you SHOULD be getting.
They dont ask for it all back in one go, so breathe easy.

tbh as it's the end of the tax year they may or may not just stop the payments for the rest of this month/financial year but will take it off next years payments.

Are you getting anything towards your childcare costs or not?

yes we get help (I think) with the childcare - you do need a degree in higher mathamatics to understand how they work it all out though. Am seriously debating to give up work as it surely can't get any worse - I know I'd lose some of the credits but I'm working for nothing as it is. Trouble is I don't think we can survive on one wage - talk about being in a rock and a hard place. Grrrrrr I hate having to scrimp for every penny - I'm nearly 40 ffs not a student running up silly debts.

Fiddle with the figures on entitledto.com to work out how many hours you would be better of working. Or not at all in some cases...

You won't have been overpaid this year (unless you earned more last year and have changed your income with them already this year). Your payments will drop though after April but only because your income has gone up.
Also your tax credits don't go down the same as your income goes up, so you won't loose £5000 of your tax credits next year because your income has gone up that much.
Best thing to do is call and let them know of the change in your income now, you will get a new form letting you what the payments will be till Apil and what they will be after.