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Money matters

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Tax credits (not Universal credit)

2 replies

BooseysMom · 11/11/2022 12:12

Hi,
Can anyone please help regarding tax credits updates? We updated our last renewal in June, I think it was, based on our last P60s which were based on the last tax year but our payments are continuing even though we will be earning more and my hours have since increased and I have had overtime paid too. Shouldn't the renewal have taken into account earnings going forward? It didn't ask what will we be earning from then to next April. It always works in arrears and not in real time which doesn't make sense as we will have to pay back the excess received. Is it better to inform them now of the updated income, or to wait to the next renewal and see how much excess it is? I don't want to get in trouble!
Thanks.

OP posts:
hay5689 · 11/11/2022 12:18

From personal experience I'd always inform them when the change happens because you won't end up owing them anything. I thought I'd wait for the same reasons as you and ended up owing them money which they took straight out of what I was entitled to so not only had my payments gone down because I was earning slightly more, I had extra deducted on top.

Lougle · 11/11/2022 12:50

You need to tell them so you don't get an overpayment.

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