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HMRC could stop Tax Credit payments if these changes aren’t reported this month

July is one of the most important month’s in the Tax Credits annual calendar.

While most awards will be renewed automatically, some people are required to update HMR C of any changes in circumstances or income by July 31 - or risk having their payments stopped.

HMRC issued a recent update reminding claimants who have received a Tax Credits Annual Reviewal pack to complete it or contact them before the deadline.

There are two types of renewal pack - a red or black-striped one and the information you'll need to submit depends on which one you receive.

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HMRC says those most likely to get a red-striped pack are:

  • The self-employed

  • Those in receipt of taxable social security benefit - such as employment and support allowance (ESA)

  • Those who have multiple incomes may need to review their total household income to ensure the total amount held on file by HMRC is accurate and up to date.

If there is a discrepancy in the total household income held by HMRC, those receiving Tax Credits may be at risk of an overpayment and will need to pay it back.

They may also need to pay a penalty.

In addition, self-employed people who haven't filed their tax return for the 2019/20 tax year, must estimate their profit or loss and report this to HMRC online by July 31.

If you don’t do this, HMRC will make Tax Credit payments based on the information it currently holds - and those can’t be changed at a later date.

You'll also need to confirm your actual income, once you know it, to HMRC by January 31, 2021 .

Deputy Chief Executive and Second Permanent Secretary at HM Revenue and Customs, Angela MacDonald said: “During these uncertain times, while the UK comes together to combat Covid-19, Tax Credits payments are a vital source of support for millions of people and their families.

“If you have been contacted by HMRC to provide your income details, I urge you to contact the department before July 31.

“Don’t leave it too late, get in touch and make sure the information we hold is correct.”

How to renew your Tax Credits

  • Renew online at Gov.uk here

  • Via the HMRC app, which is available on the App Store or Google Play Store

  • Via the online forum (click on Tax Credits and You) - online here

  • Through HMRC’s webchat help service

  • By calling the tax credits helpline: 0345 300 3900

Tax credits calculator

If you're not already claiming Tax Credits, you can get an estimate of how much you could receive in a 4-week period using a free online calculator.

Before you start using the calculator you will need details of:

  • Your income

  • Your partner’s income

  • Your working hours

  • Any benefits you’re claiming, or have just stopped claiming

  • The average weekly amount you spend on childcare

  • Your immigration status, if you are ‘subject to immigration control

You can use the Working Tax Credits calculator on the gov.uk website here.

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