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Tax Credits updates required this month

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

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.

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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