ChatterBank8 mins ago
Tax Credit Overpayment
5 Answers
I posted on here a while ago about this, looks like its coming to crunch time and they want their money back.
the overpayment came about by them not responding to information given to the them over the phone by us - which they have record of and by us not reading the award forms properly.
this has resulted just over 8k overpayment over 2.5 years.
obviously this isnt an amount of money I can pay back in 12 months - how do they calculate how much I will be paying back? I know they'll look at my incoming and outgoings but will they be realistic in the amount they want each month?
the overpayment came about by them not responding to information given to the them over the phone by us - which they have record of and by us not reading the award forms properly.
this has resulted just over 8k overpayment over 2.5 years.
obviously this isnt an amount of money I can pay back in 12 months - how do they calculate how much I will be paying back? I know they'll look at my incoming and outgoings but will they be realistic in the amount they want each month?
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This link may help you calculate how the money must be repaid. A lot depends on whether you are still claiming Tax Credits or not.
This link may help you calculate how the money must be repaid. A lot depends on whether you are still claiming Tax Credits or not.
-- answer removed --
been there, done that and worn the t-shirt i'm still paying for.
on an amount as large a 8k is pretty much given you'll not be paying that back in a lump sum or even 12 months.
HMRC will only investigate your incomings/outgoings if you are telling them it'll take you more than 10 years to pay back. If you really cant afford that - tbh its a fair wedge a month for anyone, then they will ask for your month expendeture vs money coming in.
Not sure of your particular financial scenario but a quick calculation tells me a monthly figure of around 70 quid month will take you to just under 10 years.
on an amount as large a 8k is pretty much given you'll not be paying that back in a lump sum or even 12 months.
HMRC will only investigate your incomings/outgoings if you are telling them it'll take you more than 10 years to pay back. If you really cant afford that - tbh its a fair wedge a month for anyone, then they will ask for your month expendeture vs money coming in.
Not sure of your particular financial scenario but a quick calculation tells me a monthly figure of around 70 quid month will take you to just under 10 years.
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