What does one do when you get an unexpectedly large bill as a result of higher earnings?
I am, of course, referring to bills for overpaid Tax Credits, which are issued this time of year.
First you need to check the calculation, Easier said than done. This would have been sent to you in August. But beyond checking the income figures, it is anyone's guess how this translates into tax credits that are payable to you. Often there will be a withheld amount, in case Revenue & Customs end up over paying you.
You can write in and appeal against the calculation. If R&C have got something wrong, whether on the income or circumstances side, point this out to them.
If your income and circumstances will be similar for 2014/15, then you can ask for the bill to be offset against next year's tax credits claim.
And finally if all else fails, you can do what George Osborne did and agree to pay it in instalments (two is acceptable, more than that may not be).
With tax credit rates being frozen for 2015/16, expect another bill to arise next year as well.
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