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.
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For more information, please contact:
Ray Allger, ACCA UK Newsroom
+ 44 (0)20 7059 5788
+44 (0) 7540 919 819
Notes to Editors
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
- We support our 162,000 members and 426,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 89 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct 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. We believe 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. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.