Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

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.

Original poster

Stopping Tax credit because of pay rise

4 replies

oneforyou22 · 30/07/2023 11:39

So I will be getting a significant pay rise in the next couple of months which means I will no longer be entitled to any child/working tax credit.

Does anyone know if I cancel will I then have to pay back because at the end of the year my yearly income is going to be higher than it was at the beginning.

OP posts:
Lougle · 30/07/2023 11:42

It is likely that you'll have an overpayment because tax credits are based on whole year salary.

caerdydd12 · 30/07/2023 11:51

It's worked out as the whole of your earnings over the tax year so if you earn more then yes you would have an overpayment.

Bromptotoo · 30/07/2023 11:52

The key point is to tell HMRC as soon as your pay changes. You may still end up with an overpayment but the big ones are usually where stuff's not been reported promptly.

Original poster
oneforyou22 · 30/07/2023 14:59

Oh no could really do without an over payment. I'll let them know straight away

OP posts:
New posts on this thread. Refresh page