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 to inform them of your actual figures - and this needs to 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 your local TaxAssist Accountants office.
Date published 27 Oct 2017
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.Choose the right accounting firm for you
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