TCM0232280 - Payment - payment profile: Payment profile - payment schedules (Info)
The payment profile can be set up once the following circumstances of the application have been established
- award details
- recipient
- method of payment
- payment frequency
- regular pay day.
Payments will be scheduled until the end of the renewal period. During the renewal period, tax credits will be paid at the same daily rate as the last day of the current award year, subject to recovery of overpayments and changes of entitlement that occur within the renewal period.
Where more than one tax credit is due to a family but payable to different customers, a payment schedule will be set up for each customer. Where the same customer is being paid tax credits at more than one frequency, a payment schedule will be set up for each payment frequency.
The required payments will be set up and the relevant processes will be automatically prompted to issue the award notice.
Where an award has been recalculated, the impact on current direct payments for the family will be determined.
Changes that affect payment schedules but don’t impact the award and payment amounts, such as change of bank details, will also be automatically processed.
Any future dated one-off payments set up for a previous version of the award will be cancelled.
Any cancelled or rejected payments for previous award versions will be issued but will be included in arrears payments where appropriate.
Payment schedules for previous versions of the award will be ended unless they exactly match the recalculated schedules (amount, recipient, method and frequency of payment, bank account details or address).