HMRC issues tax claim reminder - Business - News - Moneyfacts


HMRC issues tax claim reminder

HMRC issues tax claim reminder

Category: Business

Updated: 22/07/2013
First Published: 22/07/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tax claimants have been warned by HM Revenue and Customs (HMRC) to complete their renewed claims before the annual deadline of 31 July or potentially lose tax credit payments.

All claimants are required to review their current occupational circumstances and inform the HMRC of any changes to working hours, pay or whether they live alone or with a partner before next Wednesday.

Around 5.8 million tax credit renewal information packs have been sent to workers over the past three months in preparation for next week's deadline. Tax claimants also can renew their claims by contacting the Tax Credits helpline on 0345 300 3900.

Claimants who fail to reply by the 31 July will have their credits stopped by the Tax Office and receive a statement outlining whether too much or not enough has been paid in tax credits.

A further 30 days is then given to supply the Tax Office with the information required in the renewal pack. Failure to do this will usually involve having to make a new tax credits claim.

Director general of Benefits and Credits at HMRC, Nick Lodge, said: "We are asking claimants to renew immediately. The sooner they do, the sooner we can check their payments and avoid paying too little, or too much money, which they then have to pay back."

What next?

Get your free 2013/14 Moneyfacts tax facts PDF
Compare Business Accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Business owners – do you have a cash buffer?

Building up a cash buffer can be a vital part of business management, particularly in uncertain times. It’s therefore little surprise to find that SMEs built up significant cash reserves in the lead up to the referendum.

Business owners – are you missing out on returns?

Running a successful company demands strong organisational skills, business acumen and a keen eye for finances, which is why it’s so surprising that many business owners could be missing out on returns because they don’t know their interest rate.

2016 Business Moneyfacts Awards winners announced

The winners of the 2016 Business Moneyfacts Awards were announced last night at the prestigious Lancaster London Hotel.