Tax credits must be renewed by 31 July, or your payments will stop.
Tax credits help working families with targeted financial support. There are two main kinds Child Tax Credits and Working Tax Credits. The amount of money you receive from HM Revenue & Customs is dependent on your income and circumstances.
Parents in receipt of Child Tax Credits and those who claim the working benefit have until 31 July to renew their applications for the next 12 months. After this deadline has passed, those who have not completed their renewals will stop receiving tax credits. This could leave you missing out on several thousand pounds a year.
Beavis Morgan comments:
Child Tax Credits are an important and helpful income source for families. It is vital that HMRC receives timely and accurate advice so families receive the payments they are entitled to.
Our diverse team of tax professionals are committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.
If you wish to discuss your tax affairs in further detail, please contact your usual Beavis Morgan Partner.