【ACA】Tax credits – don’t miss the 31 July renewal deadline

　　高顿网校小编及时更新有关ACA(ICAEW)的*7资讯：Tax credits – don’t miss the 31 July renewal deadline。
 

　　With the deadline fast approaching, ICAEW urges people to make sure they get in touch with HMRC to renew their tax credits. Those who do not will miss out on vital support – and could have to repay the credits they have received. And this year, for the first time, you can renew online.

　　Tax credits (working tax credit and child tax credit) provide vital support for people on low incomes. Anyone who claimed tax credits in 2013/14 – and wants to keep claiming them – must make sure they make their renewal by 31 July 2014.

　　It is important to do something by the deadline – don’t ignore it. If you do not renew, your tax credits will stop and you could have to pay back what you’ve received since 6 April 2014. HMRC should have sent you a renewal pack which tells you what to do.

　　The tax credits renewal process does two things: it gives HMRC the information to finalise tax credit awards for last year, 2013/14, and renews the claim for the current year, 2014/15.
 

　　There are two new features of the renewals process this year:

　　You can now renew online, which will be welcome news for many claimants. You can also, as before, renew using the paper form or over the telephone.

　　For many claimants, HMRC has already filled in some income figures in their renewal packs. HMRC has used the figures which employers have submitted via Real Time Information (RTI). However, claimants should check these – do not assume that they are correct.
 

　　Jane Moore, technical manager at ICAEW’s Tax Faculty’s, said: “HMRC has been sending out the annual renewal packs and everyone should have theirs by now. If you have not received yours, you should contact HMRC. You will have a bit longer to deal with your renewal – 30 days from when you get the pack.

　　“Failing to make your renewal by 31 July 2014 could mean that your payments will stop, you may have to repay all the tax credits you have received so far this tax year, and you might even find yourself with a penalty.

　　“There is another good reason to make sure HMRC knows your correct income for 2013/14: if it’s lower than the figure used to calculate your payments during the year, HMRC might owe you some more credits.”

　　The renewal pack contains forms and guidance. Everyone gets the Annual Review form 603R and most people get the Annual Declaration form 603D. The annual review summarises your tax credits entitlement for 2013/14 according to HMRC’s records.

　　If you are sent an Annual Declaration, you must reply to HMRC and provide or confirm your income details and any other information by 31 July.

　　Some claimants get just the Annual Review form but no Annual Declaration. This group includes those with higher incomes who got only the family element of child tax credit or no payments at all, and people on some state benefits during 2013/14. If this applies to you and the information on the form is correct, you don’t need to reply to HMRC – but you must check it, and you must reply if anything is wrong.

　　Jane Moore added: “If you don’t have final income figures for 2013/14 (for example, you are self-employed and don’t have your final accounts yet) you must still do something by 31 July. You can renew using estimated figures and your payments will continue, though you should send in final figures by 31 January 2015.

　　“A final tip is that whether you renew using the paper form, on the telephone or online, make sure you keep a note of when you contacted HMRC and what you told them.”
 

　　高顿网校小编寄语：过人生的四季，看江山如画，听岁月如歌，放下生命的沉重，从容淡然的走过，因为我们是行者，我们在路上！

 

 

扫一扫微信，*9时间获取ACA考试报名时间和考试时间提醒

 高顿网校特别提醒：已经报名2014年ACA考试的考生可按照复习计划有效进行！另外，高顿网校ACA课程即将推出，通过针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升备考效果。
 
　　报考指南： 2014年ACA考试报考指南 
　　考前冲刺：ACA考试经验分享   考试辅导