Yes, it will be necessary to call Tax Credit Office or use HMRC’s online service to inform them of your actual figures - and this needs to be done by 31st January.
Although your tax credits would continue if the January deadline is not met, the amount you receive from 6th April may not be accurate. This could mean that you have been overpaid and result in you having to pay back at a later date, with the possibility of also receiving a penalty.
If you require any help with your accounts, tax return or Tax Credits, please feel free to contact us on 0800 0523 555 or enquire online here
By Samantha Skyring FCCA
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.