All things tax

Tax credits renewal alert!

It’s that time of year again, when the taxman is on the prowl. This time, it’s in relation to tax credits, to which HMRC is urging parents to renew their tax credits early and online.

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Do you know the penalty of missing a tax return deadline?

With the impending Self Assessment tax return deadline approaching, Heather Dore, Regional Manager of Easy Accountancy answers some crucial and commonly asked tax return questions from her clients who are self-employed or higher income parents.

My partner and I have two children and we both work full-time earning over £50,000 a year. We receive child benefit and so I understand that we need to complete a tax return. As we are both earning over the threshold do we both need to complete a tax return?

Tax Credits deadlines are looming – have you renewed?

HM Revenue and Customs (HMRC) is sending out 5.8 million tax credits renewals packs, so if you are in receipt of tax credits, look out for your renewal pack’s arrival by 30 June.

Last year some 650,000 claimants had their money stopped because they did not renew by the 31 July deadline, don’t get caught out. This year, you can renew by post and by phone. If there have been no changes to your circumstances (i.e. salary, relationship status etc), then you can also renew online, via GOV.UK.

Just one month to go until tax credit renewal deadline!

If you claim tax credits, your renewal pack will hit your doormat anytime this week until June, ahead of the 31 July 2013 tax credit renewal deadline.

HMRC is urging people to let them know about any changes to their circumstances that they haven’t already reported, such as changes to working hours, childcare costs or pay. Claimants may also be asked, to provide details of their income last year, so make sure you’ve got your P60 and payslips handy.