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What Changes Will Affect How Much I Can Receive In Tax Credits?By Expert Author: Hyman Madden
Tax credits are payments from the government and you can be eligible for them if you are responsible for one or more children or young person, or if you work, but are on a low income. Your tax credits can increase, decrease or stop as a result of various changes in your life and work circumstances. You must inform the tax credit office of these changes.
Types of changes you may have to report
You are required to report changes when you start a new job or when your working hours are modified. Changes in income by more than £2,500 also need to be reported as soon as possible. You also must contact the tax office if your state benefits begin, stop or change. Besides changes in earnings, you're required to report changes in your family’s circumstances, like when you get a permanent separation or divorce, live-in with a new partner, have a new born baby, or when a kid or partner dies. If you intend on going on a holiday overseas for eight weeks or more, or if you will be residing in another country permanently, you also must get in touch with the tax office.
Why should I report changes?
Not being able to report changes to the tax credit office can lead to an overpayment. In case you are overpaid from the date of the change, you could be required to pay this back. You may also face a penalty as much as £300 if you are overpaid. It can also mean missing out on money that you may be entitled to because of a change in your situation. You have to remember that even if you were able to report such changes later on, increases in your tax credits can often be backdated by up to just one month.
How you can report changes
You could report changes by getting in touch with the tax credit helpline. You can't report most changes until they actually take place. Sadly, it is not yet possible to report changes for tax credits through email or online, unless in cases of changing address or reporting to claim a child benefit.
The HMRC aims to respond your call as fast as possible. However, due to the number of calls that they receive, you may often be put in a queue. Your call will be responded to once an operator becomes available, but if you wish to have a full and faster service, you may use this general tax office number.
To avoid overpayment, penalties, or missing out on tax credits you are eligible for, it is important to report changes in your life and work circumstances to the tax office immediately. Knowing the right contact numbers and what details you need to provide will provide you with a full and faster service. If you need a full and faster service, you may use this inland revenue contact number, go here.
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