Tax credit claimants have two weeks to renew
Those claiming Working Tax Credit or Child Tax Credit could have payments stopped or may have to pay back money received since 6 April 2018 if they miss the deadline. They could even land themselves a penalty.
If you claimed tax credits last year, you should have already received your renewal pack. If not contact HM Revenue and Customs as soon as possible.
Jane Moore, ICAEW tax technical manager, said: “Not everyone will need to contact HMRC, but if your renewal pack contains an Annual Declaration form asking for details of your income in 2017/18, you must reply to HMRC.
“You should also let HMRC know if there have been any changes in your circumstances which you have not reported previously. If you are a couple and have made a joint claim, you need to give details of income and circumstances for both of you.”
Moore said claimants will need to have to hand key documents relating to income, such as payslips and business accounts as well as any childcare costs incurred.
If you don’t have the final figures for your income, for example, if you’re self-employed but your accounts aren’t ready yet, you can use estimates, but you must still renew by 31 July 2018 and provide the actual figures by 31 January 2019.
Moore added that HMRC may have already inserted income figures on the Annual Declaration using the information it already holds, such as payroll figures sent in by your employer, but you still need to check to make sure these figures are right.
There are four ways to renew: online, using the HMRC app, over the phone or by returning the form in the post.
Those with Alexa, Amazon’s virtual assistant, can ask it for help and information relating to renewals.