At Oak Accountancy Services, we realise that we succeed only if you succeed, and that we grow only if you grow.

Renewing tax credit claims
17/04/2018

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2018. Claimants who do not renew on-time may have their payments stopped.

HMRC has started to send tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All packs should be with recipients by the end of June. A renewal is required if the pack has a red line across the first page and it says, 'reply now'.

Claimants need to notify HMRC where there have been changes to the family size, child care costs, number of hours worked and salary. Details of previous year's income also need to be completed on the form to allow HMRC to check if the correct tax credits have been paid. Claimants must also inform HMRC of any changes in circumstances not already reported during the year such as new working hours, different childcare costs or changes in pay.

The child tax credit has been designed to help lower income families with children, credits are available to families with low to moderate income. Child tax credit is paid directly to the main carer in the family, either weekly or monthly and is usually paid directly to a designated bank or building society account. The working tax credit assists taxpayers on low incomes by providing top-up payments.

Please note:

In some areas of the country new claims for tax credits may no longer be possible if replaced by the introduction of universal credits. Universal credit will eventually replace tax credits, and other social security benefits. Existing tax credit claimants are expected to be moved across to universal credit between 2019 and 2022.


 

Newsfeed Search


Newsfeed

Anti-money laundering rules

17/10/2018 – The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls … More...

New style £50 note to be introduced

17/10/2018 – In a joint statement issued by HM Treasury and the Bank of England it had been confirmed that the £50 note is to … More...

Tax to pay if you exceed the annual pensions allowance

17/10/2018 – The annual allowance for tax relief on pensions has been fixed at the current level of £40,000 since 6 April 2014. The … More...

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login