Working Tax Credit application "timing"
Discussion
A question for the accountants 
As I have only just started work after 5 months unemployment and 8 months travelling outwith the UK, I am informed that I should apply for working tax credit.
Am I right in thinking that they base it on the previous tax year's income?
If so, would I be advised to wait until April before putting in the claim, so that my "last year" is 08/09 where I only worked for the last half of March 09. As opposed to doing it now so previous year is 07/08 where I worked all of it except the last month?
As I have only just started work after 5 months unemployment and 8 months travelling outwith the UK, I am informed that I should apply for working tax credit.
Am I right in thinking that they base it on the previous tax year's income?
If so, would I be advised to wait until April before putting in the claim, so that my "last year" is 08/09 where I only worked for the last half of March 09. As opposed to doing it now so previous year is 07/08 where I worked all of it except the last month?
pjac67 said:
Don't wait - they don't back date!
Claim even if you're not sure and worse case you pay back rather than miss out completely!
To be honest though, I'm not fussed about 2 weeks worth if it means I qualify for everything I'm entitled to for not working for just under all of last year.Claim even if you're not sure and worse case you pay back rather than miss out completely!
To clarify, if I'm right, then applying now will mean I won't qualify for anything as my previous year I was working 11 months at a decent salary. So I would have to wait until NEXT tax year.
I could be misunderstanding this totally, of course, hence the thread
Tax Credits are awarded based on your CURRENT income levels or an ESTIMATE of what your income levels will be for the CURRENT tax year.
If you want to claim WTC for 2009/10, you have a "window" period of three months stretching from 6 April 2009 to 5 July 2009. After that date, you can still make claims but you will start losing one whole month's worth of the annual award amount for each month beyond 6 July you delay claiming.
If you are basing your claim on an "estimated" income level (something self-employed people MUST do), as soon as you find ouyt what the actual amount is or is going to be, you MUST notify HMRC IMMEDIATELY.
Lovely system.
If you want to claim WTC for 2009/10, you have a "window" period of three months stretching from 6 April 2009 to 5 July 2009. After that date, you can still make claims but you will start losing one whole month's worth of the annual award amount for each month beyond 6 July you delay claiming.
If you are basing your claim on an "estimated" income level (something self-employed people MUST do), as soon as you find ouyt what the actual amount is or is going to be, you MUST notify HMRC IMMEDIATELY.
Lovely system.
Gassing Station | Jobs & Employment Matters | Top of Page | What's New | My Stuff