wantthatone:
Can I ask H04X for a bit of help. I have just dug out coding notices for 01/02. Do you know what the maximum earning limit was then for getting the childrens tax credits?
On the allowances side it gave me 5200 but on the take away side it deducted 2830.
On the SA form for that year I did, it was the first one ever, there is no mention on the allowance section for this children's credit, as result I had to pay back over £800.
I am wondering now if I perhaps in my tax ignorance at the time I missed it off, or if I perhaps earn t too much at the time?
taxable income for 01/02 was £38k
Many thanks
Hi wantthatone,
Im not entirely sure how SA works as i only deal with Tax Credits but for the purposes of tax creadits we need to know about the taxable inc you withdrew from the business, so if your taxable inc for that year was the 38k that is all u need to put down, also any interest in savings etc greater than £300 for the year are supposed to be declared, from about 20k-56k recieve what is known as the basic child element which everyone is entitled to. i only work weekends with being at uni so i can check on sat what the highest limit was for that year. but if you were around the 38k then you will deffinetly be within the income bandings so i would advise you fill it out and send it back.
I cant stress enough however ensure its sent recorded delivery so it cant be 'lost' etc.
