123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

What Changes Will Affect How Much I Can Receive In Tax Credits?

By Author: Hyman Madden
Total Articles: 1

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.

Total Views: 45Word Count: 482See All articles From Author

Business Articles

1. Advantages And Disadvantages Of Concrete Staining
Author: Ben Lager

2. What To Look For When Hiring An Ocean Freight Shipping Company
Author: William Santos

3. Top 4 Advantages Of Concrete Coating
Author: Ben Lager

4. Centrifugal Blower Manufacturer In India|centrifugal Blower Fan
Author: sara

5. Building A Modern Architecture Homes- Planning And Concept
Author: Leila Adam

6. Thorough Proofreading Finesses Documents, Raises The Organization’s Reputation
Author: NetZealous LLC, DBA TrainHR

7. Design And Build Contractor Singapore – Get The Best Services From Interior Renovation Contractor!
Author: James Han

8. Meishen–a Bright Star In Magnesium Oxide Industry
Author: hu Allen

9. Grow Customer Base And Market Presence With Pharmacist Email Lists For Your Business Campaign
Author: Adam Tyson

10. Adapt New Forms Of B2b Communication With Infection Control Directors Mailing List
Author: Andrew Rayel

11. Moby Wrap Baby Carrier
Author: babycarriersaustralia21

12. Care For Your Deck
Author: Blue Star Carpentry has been specializing in custom decks for over a decade. When you sit outside wi

13. How Does A Small B2b Company Increase The sales?
Author: Mohit Yadev

14. Latest Job Vacancies In India
Author: careersresults

15. Why Are Aap And Congress Supporters Opposing A Tax Reform Like The Gst? Are They Anti-nationals?
Author: Mohit Yadev

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: