The deadline for Tax Credits Renewal is fast approaching! Renewals must be completed and returned to H M Revenue & Customs by 31 July 2016 so if you haven’t done so already, now is a good time to tick this off the list.
If you miss the deadline your tax credits payments will stop.
In a change to the renewal process, some claimants may find that they do not need to actively renew their tax credits as those not requiring any changes will be renewed automatically.
How do I know whether to renew or not?
If your renewal pack states ‘check now’ then you should check all the details within your renewal pack, and provided there are no changes required you will not need to do anything and your claim will be renewed automatically.
If anything is incorrect, you must tell HMRC by 31st July 2016 else payments can stop and fines be imposed. As with the renewal, you can notify of changes changes to your tax credits online or via phone/post.
If you are self-employed, you may not yet have completed your Tax Return for the year ended 5 April 2016 so you may have to provide estimated figures. Remember to provide actual figures by as soon as possible, as your income level will affect the amount of tax credits you receive.
For the self-employed, remember that there are other reliefs available also, for example, if you have self-employed losses you can offset these against other income and also carry forward the balance to set against any future profits for Tax Credits purposes.
If you need any help with your Tax Credits renewal, or if you think you may be entitled to Tax Credits but are not currently claiming them, please contact Lydia Williams at Lydia.firstname.lastname@example.org or one of the team on 01872 271655.