TCM1000462 - How to annualise income
Changes to previous version - new guidance.
On the ‘Function Menu’
- select ‘Application’ from the options available. You’ll be taken to the ‘Key Entry Data’ screen
- enter the customer’s NINO
- select ‘OK’. You’ll be taken to the ‘Application Summary’ screen
- select ‘Continue’ until you get to the ‘Work Details’ 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 ‘Estimate’.