Deadline for tax credits renewal is 31 July

The deadline to renew tax credits is fast approaching and if you do not complete the forms and return them the HMRC by 31 July you risk losing them entirely, ACCA (the Association of Chartered Certified Accountants) is warning NI small businesses today.

Chas Roy-Chowdhury, ACCA head of taxation, said: “At a time of reduced disposable income for many families tax credits are important for keeping the household finances in order. It’s a relatively simple process to complete your tax credits form but if you don’t do it, you could end up losing them.

“You must notify HMRC of any changes in circumstances that may affect any monies you receive. The taxman will take a very dim view if they discover your circumstances have changed but you haven’t informed them. In extreme circumstances they could decide to prosecute.”

If you are unsure about the information you are submitting you should either speak to HMRC or visit an ACCA accountant. It is important that you get the form right, any mistake could lead to the wrong, or no tax credits being paid. Visit https://www.gov.uk/renewing-your-tax-credits-claim for more information. 

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For further information:

Shane Finnegan or Katrina Frazer, Aiken PRTel: 028 9066 3000Email: Shane@aikenpr.com or Katrina@aikenpr.com 

Notes to Editors

ACCA supports its 178,000 members and 455,000 students in 181 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 92 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com