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Read our latest Financial Settlements guide (2021)

What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.

Tax Credits

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WYSPECIAL
Posted by
Moderator

07 May 12 #329031 by WYSPECIAL

Topic started by WYSPECIAL

My income for 2012-12 will unfortunately lower than it was for 2011-12 and certainly lower than the figure they are basing my CTC on which seems to be about +2% on last year.

Can I tell them this now, and if I do will they re-assess me, or do I have to wait until the end of the tax year in 11 months time?

WhiteRose
Moderator

07 May 12 #329035 by WhiteRose

Reply from WhiteRose

Hi,

Let them know now, but they''ll need the documentation (P60s P11Ds etc.) to prove what you''re saying when you receive it, they then make any adjustments if necessary.

WR

WYSPECIAL
Posted by
Moderator

08 May 12 #329078 by WYSPECIAL

Reply from WYSPECIAL

Thanks. Obviously P60 wont be available until April 2013, What is a P11D?

WhiteRose
Moderator

08 May 12 #329108 by WhiteRose

Reply from WhiteRose

In my experience they will alter the CTC payments on your indication, so I recommend to do it promptly. If however, they need to make adjustments when they receive your P60 - they will (to take back any monies if over-paid)

A P11D shows any tax benefits you may receive from your employer Health scheme, Company Car etc.

WR

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Moderators: wikivorce team, rubytuesday, dukey, hadenoughnow, Tets, Shezi, Linda Sheridan, Forseti, Mitchum, WhiteRose, Lostboy67, WYSPECIAL, Bubblegum11