Renewing Your Tax Credits
Every year you are required to renew your Tax Credits claim, this is to ensure that you have been paid and are continued to be paid the correct amounts of money.
Who Needs to Renew?
If you’ve received an Annual Declaration form with an Annual Review notice then you are required to renew your claim.
If you only receive an Annual Review notice then your claim will be automatically renewed.
It is important to note however that you should contact the Tax Credit office straightaway if,
– You have had any change in circumstances
– Your income is different to what’s shown in the Annual Review notice
– There are details missing or mistakes on the notice.
How to Renew?
If you are required to renew, you will receive the appropriate forms in the post.
To do so, you can renew your claim in either one of two ways, you can either fill in the form and post it in the envelope provided, or if you prefer you can call the Tax Credit Helpline.
There is no option to renew your claim online.
What Happens if You Don’t Renew?
If you fail to renew your claim after being required to do so then your payments will stop, last year 400,000 people had their payments stopped due to their failure to renew.
Should you forget there is some slight leeway, you will have a further 30 days to provide the information required in the renewal pack.
If you fail to provide the information at the second time of asking then you will be required to make a new tax credits claim.
Tax Credits Deadline
The deadline for your Tax Credit renewal is 31st July 2012.
If you want to discover how we can help your business, Quest Birmingham Accountants offers the following services: Tax Services, Self-Assessment, VAT, Payroll, New Business, R&D Tax Credits, Annual and Management Accounts, Tax Returns, Self-Employed Accounts, Business Planning, Business Tax, Accounts Services, Bookkeeping, Pensions, and UK Tax Deadlines.