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Tax Tip

455,000 miss tax credit deadline

 Figures released by HM Revenue and Customs (HMRC) show that 455,000 people failed to renew their tax credit claims which are the lowest recorded by them.

 
Lavinia Newman, founder of ABDS comments:
“Millions of UK households receive tax credit payments designed to help low-income families with costs such as childcare. The deadline for renewal was extended by an extra week this year owing to strike action by the Public and Commercial Services union (PCS).” 
 
There are two types of tax credits. Child tax credits support low-income families, whether or not they are in work. Working tax credits are for working people on a low income, with additional help for childcare costs sometimes included.
 
All claimants must complete an annual renewal form. If there are changes to working hours, childcare costs or pay, then these must be declared on the renewal form, so the new payments can be calculated.
 
The figures show that just over three million people renewed by the deadline. The most popular way to do so was by returning forms in the post, with 1.3 million using this option. Some 390,000 took advantage of an online renewals service, available for the first time, with nearly half of them using a smartphone or tablet computer.
 
Some claimants would not have renewed because their circumstances may have changed so they were no longer eligible for payments. However, those who simply missed the deadline face their payments being stopped. HMRC said they should contact the tax authority as soon as possible.
 
For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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