Hi, I am trying to find out about the earnings thresholds within tax credits and would like to know if there is a simple answer to my query.
First question: predicted income given to Tax Credits office for 2012/13 was £12.5K. Actual income has ended up being £16.5K after drawing on a private pension in Feb as we were so broke. So, does anybody know whether the extra £4K will impact on the total credits that I received during 2012/13? In other words, is there a simple cut-off amount of income before tax credits stop? I'm really worried that we will have been overpaid on the WTC and CTC fronts.
Second query relates to tax creds and pension creds. My OH is about to be paid pension creds as he is not working and now of pensionable age. We have no income or savings and I am also not working. Our income this year will be totally different to last year in that we will only have £4K from the private pension again. I am hopeful of being offered a little part time job but I don't understand if my part time wages would be deducted £ for £ from any pension credits award and/or tax credits - OR - am I allowed to earn up to a certain amount or work a certain number of hours before it would make a difference to either?
Hoping someone can point me in the right direction.
Thank you, Tabs
First question: predicted income given to Tax Credits office for 2012/13 was £12.5K. Actual income has ended up being £16.5K after drawing on a private pension in Feb as we were so broke. So, does anybody know whether the extra £4K will impact on the total credits that I received during 2012/13? In other words, is there a simple cut-off amount of income before tax credits stop? I'm really worried that we will have been overpaid on the WTC and CTC fronts.
Second query relates to tax creds and pension creds. My OH is about to be paid pension creds as he is not working and now of pensionable age. We have no income or savings and I am also not working. Our income this year will be totally different to last year in that we will only have £4K from the private pension again. I am hopeful of being offered a little part time job but I don't understand if my part time wages would be deducted £ for £ from any pension credits award and/or tax credits - OR - am I allowed to earn up to a certain amount or work a certain number of hours before it would make a difference to either?
Hoping someone can point me in the right direction.
Thank you, Tabs