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 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 HMRC's website, via the 'Related Links' section left of this article, for more information.