Renew your tax credits

Renew your tax credits
Are you wondering if tax credits are available to you? If so, as a business owner, it is worth looking into whether you are eligible to claim.

Who is eligible?

There is a common assumption that tax credits are only available to people who are unemployed or people who earn a considerably low income. It is worth highlighting that if you are a business owner who experiences low income for a certain period of time, then you are eligible to claim.  This applies to those who are in the midst of starting a small business, and experiencing exceptional capital expenditures. Tax credits are based on your income not your capital, thus meaning you can claim either the child tax credit or the working tax credit. This depends on your household income. To find out more if you are eligible to claim tax credits click here.

If you are claiming, be sure to renew early

If you are claiming, the renewal pack that will be sent to you needs to be completed by 31st July 2016. This is simplicity in its purest form; you can easily renew it via phone or post. This will notify the Tax Credit Office and you will be given an award within 8 weeks informing you on how much you will get.

HMRC encourages you to submit online
 
HMRC’s press release in April 2016 urges people to ‘renew their tax credit claims online and early before the 31st July deadline.’ This encouragement is presented in order to show how quick, user friendly and convenient the online route is. It is accessible to anyone once they have their renewals pack; it is imperative to tell HMRC about any changes that need to be made. This may be working hours, any childcare expenses or changes to income.

In order to get an accurate figure for last years income it is beneficial to get all your records for your tax return to your accountant early. The tax return deadline is 31 January 2017, however your accountant can start working on it earlier so you have all the information for your tax credit claim. 

If you don’t want to make the submission early your accountant can get all the figures sorted out ahead of time and then make the submission later in the year.  Either way it helps get this off your to do list for later in the year.

If you are a business owner and you need to submit your tax credit claim form then contact us.  We can get all the paperwork together for your tax return and give you an accurate figure for your income in 2015/16.  This will help to claim the correct amount in tax credits.

Different ways to contact the Tax Office and renew your tax credits

Phone

Telephone: 0345 300 3900
Textphone: 0345 300 3909

Post

HM Revenue and Customs - Tax Credit Office
Comben House
Farriers Way
Netherton
L75 1AX
United Kingdom

Renew online

If you have access to a computer at home and a personal email address and have your tax credit renewals pack to hand, Tax Credits can be renewed online. For full details and instructions of how to set-up a government gateway account and submit your information online visit Click Here

You can email us on This email address is being protected from spambots. You need JavaScript enabled to view it., or give us a ring on 0115 956 9452 for any enquires.

 
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