Some help required on how we work out the weekly tax credit on the example below:
The only change of tax credit is an overpaid of CTC, but there is no change the annual WTC amount.
CTC Due £2575.64
Paid £2716.03
Amount overpaid £140.39
WTC due £2613.32
paid £2091.26
Balance to pay £522.06
Payment by employer
From 20/01/2004 xxxxx will include tax credit with your pay at the rate of £6.78 a day.
Further payment of £1.29
After 02/03/2004 the daily rate change to £2.73
In the above example the child tax credit is being recovered from the working tax credit. How do we work out the revised award?
As the annual award for WTC has not changed, we do not amend the HB/CTB weekly figure that are using and just remove the CTC from the assessment. Any ideas on this would be helpful?
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