Yorkshire business owners are being urged to act now to ensure they receive vital tax credits.
Andrew Thornton who runs TaxAssist Accountants in Otley said; “July 31 is the deadline for tax credit renewals, which for small business owners means they don’t have long to complete their tax returns, which they’ll need in order to complete their renewal form.
“HMRC is urging people to renew their claims online, informing them of any changes to their circumstances, including working hours, childcare costs or income. For employed tax credit claimants, employers are encouraged to sit down with staff to double-check their figures.
“Failure to meet the deadline could result in the wrong payments being made and worst case, tax credits payments being stopped altogether and people having to repay money they have received since April.
“Progress on the planned UK-wide rollout of the new benefit – Universal Credit – appears to have slowed, but the plan is that it will eventually replace much of the tax credits regime. Its introduction is being phased in so it is presently only available in particular locations and in certain circumstances.”
HMRC has been sending tax credits renewals packs to almost 6 million households across the UK in the past few months. Last year more than 750,000 people renewed their claim online.
TaxAssist Accountants Otley is a local business, operating across Otley, Guiseley and North Leeds, providing tax and accountancy advice and services purely to small businesses.