In short, yes! If you are claiming tax credits you need to make sure that you keep an eye on changes that may affect the amount you receive.
Your payments can go up if:
- your income goes down by more than £2,500
- your benefits stop or go down
- you start getting personal independence payment (PIP), disability living allowance (DLA) or other disability benefits for yourself or a child
- you have a child
- your childcare costs go up
You should report these changes within 1 month to make sure you get everything you’re entitled to. Payments can’t usually be backdated any further than this.
Your payments can go down or stop if:
- your income goes up by more than £2,500 – report this straight away to reduce the amount you’re overpaid
- you haven’t renewed your claim
- your award notice shows you’ve been overpaid
- you stop getting PIP, DLA or other disability benefits for yourself or a child
- your child is now 16, 18 or 19 and you haven’t told the Tax Credit Office they’re in approved education or training
- your childcare costs go down
- you or your partner start claiming Universal Credit
To find out more about this article please contact us.
What happens if you can’t pay your tax?
If you can’t pay your taxes, HMRC will consider extended options for settling any outstanding tax bill. But only if you contact HMRC and explain why you can’t pay on time. You will have the opportunity during the call to discuss options for settling any outstanding liabilities.
If you can’t pay before the deadline, it’s important that you call the Business Payment Support Service. Anyone can use this service, not just businesses.
Business Payment Support Service
Telephone: 0300 200 3835
Monday to Friday, 8am to 8pm
Saturday and Sunday, 8am to 4pm
Nominated partners in business partnerships can negotiate time to pay with HMRC on behalf of the partnership or individual partners.
If you’ve missed your payment date
If you’ve received a payment demand, like a tax bill or a letter threatening you with legal action, call the HMRC office that sent you the letter.
Call the Business Payment Support Service if you haven’t received a bill or letter about payment yet.
Self-assessment
Call the Self-assessment helpline if you’ve missed your payment date.
Telephone: 0300 200 3822
Monday to Friday, 8am to 8pm
Saturday, 8am to 4pm
To find out more about this article please contact us.