How To Calculate Your Total Income

Sorting out your finances can seem complicated and difficult. However it is essential that you know what your exact income is in order to budget properly and know what spare money you have at the end of each month.

Once you have worked out the money that you have coming in from different sources it is important to add all of these together so you know you exact income. When you are claiming any type of financial aid or benefit it is important that you get this right. Remember you can deduct any type of pension contribution and gift aid.

In order to make sure that the information you have is correct, you should:

1) Double check all your personal information is correct.
2) Make sure you have reported any changes in circumstances
3) Worked out your income as per tax year (IE 6th April – 5th April)

Once you have worked out your income you should check the Annual Review Form. You should check to see if your income falls within the range given. If it does, no problem. If your income is below or above the range given then you should seek advice by calling the helpline on 0845 300 3900. As long as your income is the same as it was previously then your claim will automatically be renewed and you need to do nothing further.

Working out your income in order to make any type of claim for benefit is far easier than it has been. Forms are easy to fill out and everything works step by step. As long as you follow the form, give us up to date and accurate information and ring us when need be, then you should have no problem in filing for a benefits claim.

If you need more information – check out the video below:

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