Tax credits renewal

I’m self employed and when the tax credit renewal came round in July 2011, my accounts weren’t ready, and so I gave the Tax Credit Office estimated figures. I have just finished my accounts, so what should I do now?

1st December 2011

You must now advise the Tax Credit Office of your actual figures by calling them on the Tax Credit Helpline on 0845 300 3900. Please make sure you have your National insurance number to hand when you call.

You should advise the Tax Credit Office of the actual figures as soon as possible- as the deadline of 31 January 2012 is imminent. If you fail to meet the January deadline, your tax credits won’t stop but the tax credits you receive from 6 April 2012 may not be accurate. 

And if you’re overpaid, you may have to pay it back later- and you may even be charged a penalty.

If you would like any assistance with your tax credits, please do not hesitate to contact your local TaxAssist Accountant.

By Jo Nockels

Disclaimer: Advice shared in this blog 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 forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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