Tax Credit Renewals
With only one month left to renew tax credit claims, HM Revenue & Customs (HMRC) has issued top tips for claimants.
People have to renew their claims by 31 July - or their payments could stop.
Alison McDonald, Director, Benefits and Credits, said:
“The sooner you renew, the sooner we can check your payments are right. You should check your details carefully as any errors you make now could mean you receive less money.
“We are publishing top tips to remind people who need to renew their tax credits to do so, and how.”
Tax Credit renewal tips
1. If you don't get your pack by 30 June, contact the Tax Credit Helpline.
2. Renew your tax credits claim as quickly as possible. The sooner you do, the sooner HMRC’s Tax Credit Office can work out your payments for the coming tax year.
3. You only need to contact HMRC if you receive an Annual Declaration form as well as an Annual Review notice.
4. You don't need to contact HMRC if you receive only an Annual Review notice (as your claim will be renewed automatically), unless your personal circumstances have changed.
5. Check all the information in the renewal pack, making sure all the changes reported in the last year are included. If anything isn’t right, contact the Tax Credit Office.
6. Report any changes – including bank details – by calling the Tax Credit Helpline on 0345 300 3900, or in writing.
7. If you contact the helpline, have handy: your National Insurance number; your password, if you have one; your renewal pack; details of any new changes in circumstances; the amount of your household’s total income for the last tax year.
8. You should follow the instructions on your form to confirm your claim for last year even if your circumstances have changed and you are no longer eligible for the current year.
PENALTIES FOR FAILING TO FILE PAYROLL FORMS ONLINE
HMRC have confirmed in the latest Employer Bulletin that they intend to impose penalties on all employers who fail to send their payroll starter and leaver forms online from April 2012.
During the 2011/12 tax year HMRC issued penalty notices to employers with 50 or more employees when they submitted more than two paper forms in a quarter. The penalties issued ranged from £100 to £3000 depending on the number of paper forms received in the quarter.
Since April 2011 small employers (with 50 or less employees) have been required to file their in year starter (P46) and leaver (P45) forms online. However, small employers who submitted paper forms between 6 April 2011 and 5 January 2012 were only issued with warning letters. This action was taken to try and help small employers to get this right.
From 6 April 2012 penalties will be issued when the employer fails to file their starter and leaver forms online in the period 6 January 2012 to 5 April 2012 and onwards.
If you would like any help with payroll issues please do get in touch.
During the 2011/12 tax year HMRC issued penalty notices to employers with 50 or more employees when they submitted more than two paper forms in a quarter. The penalties issued ranged from £100 to £3000 depending on the number of paper forms received in the quarter.
Since April 2011 small employers (with 50 or less employees) have been required to file their in year starter (P46) and leaver (P45) forms online. However, small employers who submitted paper forms between 6 April 2011 and 5 January 2012 were only issued with warning letters. This action was taken to try and help small employers to get this right.
From 6 April 2012 penalties will be issued when the employer fails to file their starter and leaver forms online in the period 6 January 2012 to 5 April 2012 and onwards.
If you would like any help with payroll issues please do get in touch.
SELF ASSESSMENT STATISTICS
According to HMRC a record 9.45 million self assessment tax returns were filed on time this year and a record 7.65 million (80.9% of them) were filed online.
Although the 31 January 2012 deadline was unchanged, HMRC announced that no penalties would be issued for online returns received by midnight on 2 February, due to industrial action at HMRC contact centres.
The busiest day for online returns was 31 January, when HMRC received nearly 445,000 returns. Apparently the 'rush hour' occurred between 4pm and 5pm on 31 January, when 37,460 returns (more than one every 6 seconds) were received by HMRC.
David Gauke, Exchequer Secretary to the Treasury, said:
'I'm delighted so many people filed their tax returns online this year. The record number proves that it's quick, easy and secure to do.'
'HMRC have always been clear that they want returns not penalties, so it is good news that over 90% of all returns were submitted on time.'
If you have not yet completed your self assessment tax return and would like some help please do get in touch.
Although the 31 January 2012 deadline was unchanged, HMRC announced that no penalties would be issued for online returns received by midnight on 2 February, due to industrial action at HMRC contact centres.
The busiest day for online returns was 31 January, when HMRC received nearly 445,000 returns. Apparently the 'rush hour' occurred between 4pm and 5pm on 31 January, when 37,460 returns (more than one every 6 seconds) were received by HMRC.
David Gauke, Exchequer Secretary to the Treasury, said:
'I'm delighted so many people filed their tax returns online this year. The record number proves that it's quick, easy and secure to do.'
'HMRC have always been clear that they want returns not penalties, so it is good news that over 90% of all returns were submitted on time.'
If you have not yet completed your self assessment tax return and would like some help please do get in touch.
