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Tax Credit deadline



July 6 , 2012 | Posted by Fern Price |

Tax Credit deadline

Another date for the diary is fast approaching for taxpayers – Tuesday 31 July, the deadline for renewing any tax credits you might be entitled to for the next 12 months.

Who does the tax credit renewable deadline apply to?

Anyone in receipt of Income Support, Job Seekers Allowance, Employment and Support Allowance, Working Tax Credit, Child Tax Credit or Pension Credit. HMRC sends out documents called renewal packs to every person who has made a tax claim during the tax year (6 April to 5 April).

Why do I need to act now?

If you have made a claim for tax credits in the last year, you should have already received a renewal pack in the post. You need to fill this in and return it by 31 July at the latest, unless the pack states differently. It is vital that you fill in the form as accurately as possible and return it on time to ensure that HMRC have the correct details for you, that you have been paid the right amount of tax credits for the last year and that you will be paid the right amount for the coming year.

If you don’t fill in and return the form your tax credits could be stopped. If HMRC discovers that you have been paid too much in tax credits, you will be expected to pay it back. There is also a risk of a fine of up to £300 for failing to return a form which you are sent with a request to return.

In the renewal pack

Everyone will receive one of two renewal packs (remembering that there is one form for every claim made during the year):

1. Annual Review notice (TC603R) only

These come in a brown, A5 envelope. If you just receive one of these, in most cases you do not need to do anything. Your claim will be renewed automatically – unless your personal circumstances have changed, your income is different to what’s in the notice or there are any errors in the notice.

2. Annual Review Notice (TC603R) and an Annual Declaration form (TC603D or TC603D2)

The Annual Declaration form needs to be filled in and sent back to HMRC by 31 July 2012. Most people will receive one of these but if you are self-employed you may not have final income figures for 2011/12. If this is the case, use estimates. You can then supply actual data to HMRC by 31 January 2013. If in any doubt or you need advice filling in the form, seek professional advice from an online accountant.

When you’ve completed your annual declaration

There is currently no option for completing online so all forms should be returned to HMRC Tax Credits office by 31 July 2012. You should receive a reply envelope with your form.

Alternatively, you can call the Tax Credit Helpline at HMRC on 0345 300 3900 between 8am and 8pm Monday to Friday, 8am to 4pm Saturday.

Further advice

E-ccountant – ICAEW registered online accountancy, offering professional advice on all tax issues