TAX CREDITS DEADLINE: CUSTOMERS AT RISK OF LOSING OUT
Customers whose circumstances have changed in the last year or who have received a letter to reconfirm their income details must contact HMRC before 31 July.
Tax credits customers only have until 31 July 2020 to tell HM Revenue and Customs (HMRC) about changes to their circumstances or income.
Customers whose circumstances have changed in the last year or who have received a letter to reconfirm their income details must contact HMRC.
Failure to respond by the deadline it may mean that you will receive incorrect tax credits payments and may end up having to repay any overpayments.
HMRC's Director General for Customer Services, Angela MacDonald, said:
"Tax credits provide much needed financial support to our customers. But we know that many customers leave it to the last minute to renew their tax credits award.
The time to renew your tax credits is now, you don’t need to wait until deadline day on 31 July."
Customers who have received an annual review pack or text and have already made their declaration including confirming their income and circumstances, don’t need to do anything else.
If you disagree with any of the information in the pack or letter you must contact HMRC as soon as possible. You must inform HMRC immediately of any changes, or are self-employed and have yet to file their tax return.
Renewing tax credits online is quick and easy. Customers can log onto GOV.UK to check the progress of their renewal, be reassured that it is being processed and know when they will hear back from HMRC.
Customers can use the HMRC App on their smartphone to:
- renew their tax credits
- check their tax credits payments schedule
- find out how much they have earned for the year
Customers can get help and information on renewing tax credits:
- on GOV.UK at Manage your tax credits
- using our webchat service, by going to GOV.UK and searching for ‘tax credits general enquiries’
- by tweeting @HMRCcustomers or posting on our Facebook page with general queries
- by using the HMRC App, available via your phone’s app store
- using the online Tax credits forum
- by calling the tax credits helpline: 0345 300 3900
In April, it was announced Working Tax Credit customers would receive up to £20 extra each week from 6 April 2020 until 5 April 2021 as part of a number of measures to support the country during the coronavirus (COVID-19) pandemic.
To establish how the total income was calculated, or report any changes use the webchat service. Go to GOV.UK and search ‘tax credits general enquiries’.
Customers who are self-employed and have not filed their tax return for the 2019 to 2020 tax year, must estimate their profit or loss and report this to us online by 31 July 2020. If they do not tell us, we will finalise their award using the information we hold, and they will not be able to change it at a later date. Once they have provided an estimate, they will need to contact us again when they know their actual income, by no later than 31 January 2021.
Tax credits will gradually be replaced by Universal Credit. Customers cannot receive tax credits and Universal Credit at the same time. For more information, they need to go to the Universal Credit page on GOV.UK.
THE GOVERNMENT LAUNCHES £2 BILLION FUND CALLED KICKSTART SCHEME
The Kickstart Scheme provides funding to employers to create job placements for 16 to 24 year olds. The government has introduced a new Kickstart Scheme in Great Britain, a £2 billion fun ...
ROCKY ROAD AHEAD FOR VANS REDEFINED AS CARS
If modified crew-cab vehicles should now be treated as cars for benefit in kind purposes, what does this mean for input VAT and capital allowances? Helen Thornley investigates the wider tax implicatio ...
CLOCK IS TICKING TO REPAY CORONAVIRUS GRANTS
Self-employed individuals, and employers, have 90 days to inform HMRC that they have over-claimed the SEISS or CJRS grants and repay any excess before penalties apply. Any incorrect CJRS gr ...
OFF-PAYROLL APRIL 2021 PRIVATE SECTOR ROLLOUT NOW A CERTAINTY
David Chaplin of Contractor Calculator reported last night the following after the four-year loss against Off-Payroll Rules due to come in as of April 2021. David wrote; The April 2021 rollout of the ...
CITB AGREES TO CUT LEVY BILLS BY 25% FOR TWO YEARS
CITB has revealed plans to cut levy bills by 25% over the next two years and give cash-strapped contractors more time to pay. Employers will continue to have a payment holiday on the levy until S ...
BANK OF ENGLAND AVOIDS NEGATIVE INTEREST RATES BUT ADDS £100BN QE
The Bank of England (BoE) has not cut interest rates into negative territory but has signalled a significant expansion of its quantitative easing (QE) measures. The bank’s Monetary Policy Commit ...