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Tax credits
Posted by nogammonsinanun... on Fri, 19/06/2009 - 16:45
If you have good reason to believe early in the tax year that your income for the remainder of the forthcoming tax year will be considerably less than that for the previous year on which your provisional tax credit award has been based, is there a mechanism for anticipating that effect which would otherwise not be available until the annual declaration after the end of the current tax year? I appreciate that there is an increased risk of overpaid tax credits, a matter of some paranoia at TCO, so it would not surprise me if the option is unavailable.
With kind regards
Clint Westwood
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Call them
Just call the tax credits office & tell them.
The frustrating thing is that new claimants with low income this year but income in 08/09 that was too high to qualify have to go through the charade of making a claim based on 08/09, receiving a Nil award and then calling to advise the reduced income 09/10.
Thanks
Yes, I see that the blurb issued by TCO invites you to tell them early if your income goes down (relevant circumstances otherwise unaltered). I just cannot find anything in the statutury instruments that grants the TCO any powers to act on that information.
Maybe that disclosure comprises an estimated annual declaration? Does this mean that having, on 06 April 2009 provided an estimate of your 2009-10 income your obligations in that regard are discharged subject to a revision to final figures by 31 January 2011, and the 31 July 2010 "deadline" then becomes irrelevant other than for the purposes of the (all-important, I agree) renewal notice for 2010-11?
With kind regards
Clint Westwood