Tax credits renewal deadline is 31 July. Make sure you don’t lose out on £1,000s

/ Posted By - Bradleys Accountants / Categories - Accounting for Individuals

HMRC is urging claimants across Welling, Kent and surrounding areas to renew their tax credits by 31 July.

According to HMRC, 1.5 million people across the UK have already renewed their tax credits.

If you are yet to claim, the time to get started to now.

Renew online

Out of the 1.5 million people mentioned above, 500,000 chose to renew online. There is still close to 4 weeks until the deadline, by which 3.1 million eligible people will have to renew. You can do it online: www.gov.uk/managetaxcredits

Report change in circumstances

This is the crucial bit. You must tell HMRC if your circumstances have changed including things like changes to working hours, changes to marriage status, childcare costs, address changes or income changes.

You must report changes even if you are not obliged to. If you don’t, you may find that you owe HMRC money. So don’t wait until the yearly renewals to update your details.

Online renewals are quick

If you are eligible for tax credits, you should have received a renewals pack in May or June. Packs would contain annual review notice, and in some cases, the annual declaration form.

Nick Lodge, HMRC’s Director General, Benefits and Credits, said: “Our customers should check their details and renew early to ensure they get the right money. The sooner people renew their claim, the sooner we can check payments are correct, meaning we avoid paying too little money, or too much, which claimants then have to pay back.”

Claimants can get help and information on renewing tax credits:

Here are some interesting things to know about tax credits:

  1. There are two types: working tax credits and child tax credits

  2. You could be eligible for £1,000s each year

  3. If you don’t renew properly, you could lose £1,000s

  4. Not reporting changed circumstances can cost you a lot of money – so TELL HMRC!

  5. Tax credits are changing in April 2017 – people will only be able to claim credits for 2 children. Third or subsequent children won’t be eligible

Further advice

Advice shared in this blog is intended to inform rather than advise. If you need more information regarding a claim or appeal, contact the tax credit helpline or your local Citizens Advice Bureau. Alternatively, if you’d like to focus on your business, we can assist you with all aspects of tax credits. We could also complete your tax return in time for your tax credit renewals.

Contact us today. Email contact@bradleysaccountants.co.uk or call 020 8303 1287.

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