TAX CREDITS RENEWAL

Now is the time of year when Tax Credits have to be renewed. The deadline is 31 July

This year HM Revenue & Customs will know some key information about employees from their RTI Online Filing Payroll system: -

EARNINGS

They know what figures are on your P60. Some forms may even have the amounts filled in, though I haven't seen any with that on yet

But that is nothing compared to the next important piece of information

HOURS WORKED

They will know on average how many hours you worked during the year, because your employer has to tell them this every time an employee starts work.

This is a really important piece of information, because your tax credits are affected if you work less than 30 hours a week.

Self Employed claimants are not affected by the above, but they will check your figures against your tax return that you filed online.

If you haven't worked out your profits yet, don't panic! You can enter provisional amounts and report the final amounts when you file your tax return

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