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Final reminder to renew tax credit awards

Friday 31 July 2020 is the deadline day for families and individuals that receive tax credits to tell HMRC about any changes to their financial circumstances. As in previous years, there is likely to be a huge last-minute rush and it may be difficult to contact HMRC by phone. Claims can be renewed by post, phone or online.

Once the deadline has expired anyone who has not yet renewed their tax credits should still ensure they do so as soon as possible as otherwise payments may be stopped, and monies received since April 2020 may have to be repaid.

We would strongly advise readers who have not dealt with this annual chore to renew their tax credits as a matter of urgency.

All renewal packs should have been received 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. If the pack has a black line and says – check now – recipients will need to check the details are correct. If the details are correct, the tax credit awards will be renewed automatically.

While most tax credit awards will be renewed automatically in 2020, the self-employed, those in receipt of taxable social security benefit, or those who have other income may need to review their total household income and tell HMRC if the income detail held is incorrect.

Source: HM Revenue & Customs Wed, 22 Jul 2020 05:00:00 +0100

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK