Tax Credits updates required this month

Source: HM Revenue & Customs | | 08/07/2020

Families and individuals that receive tax credits should ensure that they review their tax credit claims by 31 July 2020. Claimants who do not inform HMRC about relevant changes in their circumstances by the deadline date may have their payments stopped.

HMRC has sent tax credits renewal packs to tax credit claimants and is encouraging recipients who need to respond to do so online. 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. 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 advise HMRC if the income held is incorrect.

As part of the package of measures to tackle the Coronavirus outbreak, the government in April announced that the basic element Working Tax Credit payments would be increased from an expected £1,995 to £3,040 for the 2020-21 tax year starting on 6 April 2020. This increase of £1,040 is an increase equivalent to £20 per week for the current tax year. The actual maximum additional amount that Working Tax Credits recipients receive depends on their individual circumstances, including their level of household income.



Contact Us

8-10 Queen Street
Seaton
Devon
EX12 2NY
Tel: 01297 624188

Also in Exeter

21 Heavitree Road
Exeter
Devon
EX1 2LD
Tel: 01392 823999

 

Cookie Policy

Latest News

Lockdown – be ready for the unexpected
12/08/2020 - More...
One of the more insidious effects of the coronavirus outbreak is its unpredictability. Businesses need to plan. To

Want to start your own business?
12/08/2020 - More...
One of the consequences of recession, such as the present downturn in activity caused by the Coronavirus outbreak, is

Tax and company cars
11/08/2020 - More...
Most employers and employees are aware of the additional costs of providing company cars and the tax implications they

News Search


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