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New Tax Credits

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  • March 5, 2003 at 4:35 pm #19707
    RobBox
    Participant

    Amdt 7 of Tax Credits states that you must divide the annual income by 366(leap year) and divide by 7 to obtain a weekly figure to calculate benefit. (so I am told) However the new notifications state that it will be paid 4 weekly with a balancing payment on the first payment for the majority of cases.

    This is going to confuse the customer even more than they already are and make it very difficult for them to check the correct income has been used.

    How are other L/A’S going to be entering the new incomes into their core systems?

    March 5, 2003 at 6:25 pm #760
    chris harvey
    Participant

    Our software supplier has advised that in the interim we manually convert the annual figure to a weekly equivalent using the formula you describe (divide by 366 times 7). In the future the software will be amended so we can input an annual figure and the system will convert it for us.

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