TCM1000462 - How to annualise income

Version 1.0

Changes to previous version - new guidance.

Step 1

On the 鈥楩unction Menu鈥�

  • select 鈥楢pplication鈥� from the options available. You鈥檒l be taken to the 鈥楰ey Entry Data鈥� screen
  • enter the customer鈥檚 NINO
  • select 鈥極K鈥�. You鈥檒l be taken to the 鈥楢pplication Summary鈥� screen
  • select 鈥楥ontinue鈥� until you get to the 鈥榃ork Details鈥� screen
  • note the date the job started for the relevant customer
  • identify the income frequency from the Annual Declaration
  • count the number of weeks, fortnights, four-week periods, or months, as appropriate from the job start date up to and including the 5 April of the relevant tax year
  • multiply the income by the relevant number of frequencies
  • enter the figure on the tax credits computer as an 鈥楨stimate鈥�.