Tax

Tax credits deadline leaves customers at risk of losing out

Tax credits customers have just one week left to tell HM Revenue and Customs (HMRC) about changes to their circumstances or income before the deadline on 31 July 2020.

According to HMRC, customers whose circumstances have changed in the last year or who have received a letter to reconfirm their income details must contact HMRC, failure to respond by the deadline may result in tax credits customers receiving incorrect tax credits payments and may end up having to “repay any overpayments”.

HMRC’s director general for customer services, Angela MacDonald, said: “Tax credits provide much needed financial support to our customers. But we know that many customers leave it to the last minute to renew their tax credits award.

“The time to renew your tax credits is now, you don’t need to wait until deadline day on 31 July.”

HMRC added that customers who received an annual review pack or text and have already made their declaration including confirming their income and circumstances, don’t need to do anything else.

However, customers need to contact HMRC “straight away” if they disagree with any of the information in the pack or letter, and need to declare any changes.

Also, customers who are  self-employed and the income HMRC have on account for 2019 to 2020 is an estimate because they have not yet filed their tax return, they have until 31 January 2021 to contact HMRC with any changes.

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