tax credits

[wakkono]

hi guys just wondering if i get tax credits and these are income based on the previous years earnings if and when i go on strike i will earn less wages so technically the following year the tax credit system will make up my shortfall in strike wages i think ,can any one in the knowledge explain a bit more to me if im right all the posties on tax credits (thousands im sure !!) will not lose any money by striking it will just be defered untill the next financial year so if your in the know e mail a post and let as many of us know as possable this could be a major turning point for all the posties with kids that might say no to a strike due to loss of wages

[POSTMAN]

Not quite that simple.
You will tell them your earnings next year when you get your p60.
If it is lower than the previous year then your tax credits will go up.
But you will not get ALL the money back as,so say you lose £500 you wont get all £500 back.

BUT there is a bit on there that asks you if you have had any IA in the last year,and how long for ect
So if you say you had IA then i'm not sure what happens then.

[wakkono]

oh well blown that then should of known do they really check about the ia question though? might be a good idear to just tick no an if picked up say made a mistake lol

[POSTMAN]

In the renewal pack it says.

You must tell us within 1 month.

'If you were involved in industrial action for more than 10 consecutive days.'

So we could be ok.

[TrueBlueTerrier]

oh well blown that then should of known do they really check about the ia question though? might be a good idear to just tick no an if picked up say made a mistake lol

Best not to - you hear horror stories of how much they want back and your Manager is bound to tell them anyway when they write to him (if they do that).

[POSTMAN]

Here's a tip
When you get your renewal form,if it's before you get your p60,even though it's on the last pay slip,slip them a wrong amount,say £100 pound less than what you really earnt.
Then contact them later after you've got your p60,phone them and tell them the correct amount.

What happens!
Well when you renew you get a lump sum usually just under your weekly payment amount.
When you change it you get ANOTHER lump sum similar.
This way you get 2 lump sums.

[Big Daz]

I earnt about 2 grand more last finacial year havent sent off my renewal form yet.

My tax credit will go down meaning i need to keep the OT going but ot in the main comes from working day off and when the office is finally running properly there is no need for so much day off working.

But GB has been steadily raising tax credit.

I am expecting about £45 weekly for this forthcoming year. Highest ive been is just over £70 a week pre SDD £26 a week payrise.

I have 2 children and the missus is a housewife/stay at home mum untill the youngest starts year 1 at prinmary school september next year.

[tasam]

If your income is likely to drop considerably (i.e £2000 or more) let them know. You could get more money.

Remember that this year's award is based on last year's income.

Your award notice should state the upper limit before you must advise them.

As long as you remain entitled to tax credits any overpayments should be taken from the current award. (They don't usually take the whole overpayment from a single award year. My overpayments will probably take several years for them to reclaim)

You can renew, change details etc over the phone

[srfkdr]

hi guys just wondering if i get tax credits and these are income based on the previous years earnings if and when i go on strike i will earn less wages so technically the following year the tax credit system will make up my shortfall in strike wages i think ,can any one in the knowledge explain a bit more to me if im right all the posties on tax credits (thousands im sure !!) will not lose any money by striking it will just be defered untill the next financial year so if your in the know e mail a post and let as many of us know as possable this could be a major turning point for all the posties with kids that might say no to a strike due to loss of wages

No simple answer to this, but on our postmans salary you would not likely get back the wages you lose but because tax and national insurance are 29% and tax credits reduced by 37% for every £1 you earn above the set allowance limit, you would only lose £3.40 for every £10 loss of wages.

Hope this helps a little.