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News

Tax credits reminder from the HMRC

15 June, 2009

An important reminder has been issued by the HMRC to freelance consultants and contractors who claim tax credits states that they only have until the 31st July to return their paperwork otherwise payments could be stopped.

If you're claiming tax credits, you should have received a renewal pack by now, containing details of your 2008/09 award. You need to check this, and let HMRC know of any changes in your circumstances, such as your working hours or pay. You will also be asked to provide details of your previous year's income, so HMRC can check you're receiving all the tax credits you're entitled to. Mr. Richard Summergill, the Director of Benefits and Credits, said that the process was quite straight forward.

When renewing, make sure you have all the relevant information to hand, such as your childcare details and, if you're employed, your payslips and end-of-year P60 form.

And once you've renewed your claim, don't forget to let HMRC know about any subsequent changes in your circumstances as soon as they happen.

1.23 million people have realized that they are entitled to top-up payments. The HMRC has recently released figures showing that almost 6 million families had benefitted from tax credits.

Limited Company accounting fees for only £148 per month. We do your paperwork, you focus on running your business. Find out more, or contact us today.

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