Questions and Answers
Tax Credit estimates
I submitted my Tax Credit forms with my estimated income for the year - I have now completed my tax return but do I need to tell Tax Credit Office?
Yes, it will be necessary to call Tax Credit Office or use HMRC’s online service to inform them of your actual figures - and this needs to be done by 31st January.
Although your tax credits would continue if the January deadline is not met, the amount you receive from 6th April may not be accurate. This could mean that you have been overpaid and result in you having to pay back at a later date, with the possibility of also receiving a penalty.
If you require any help with your accounts, tax return or Tax Credits, please feel free to contact us on 01206 576800 or enquire online here
Date published 26 Nov 2019 | Last updated 25 Sep 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. 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 article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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