July 31st - the tax credit deadline
All those who benefit from Child Tax or Working Tax credits have nearly two and a half weeks to get their details to the taxman or they could miss their payments, warns ACCA (the Association of Chartered Certified Accountants).
Chas Roy-Chowdhury, Head of Tax at ACCA says: “It is important to renew so that the tax office has the right information. If data is incorrect, people who receive credits may get less than they qualify for, or, they may get too much and have to pay back the difference”.
Should someone who qualifies for tax credits be unaware of their total earnings for the year, perhaps someone who is self employed, they can supply an estimate for now, and submit full details before the 31st January 2009.
Those concerned about the status of their tax credits should contact the Tax Credit Helpline on Tel 0845 300 3900, or find further information at www.HMRC.gov.uk/taxcredits.
Child tax credit allowances:
Family element - paid to families with one or more children = £545
Child element - one for each child or young person = £2,085
Disability element - one for each child if Disability Living Allowance for the child is received, or the child is registered blind = £2,540
Severe disability element - one for each child if the Highest Rate Care Component of Disability Living Allowance for the child is received = £1,020
Working tax credit allowances:
Basic element - paid to any working person who is eligible = £1,800
Couples and Lone parent element = £1,770
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Notes to Editors
1. ACCA 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 have 325,606 students and 122,426 members in 170 countries worldwide.
2. ACCA believes that globalisation of business requires one set of reporting standards. We favour principles-based, not rules-based standards, which is why we support the worldwide implementation of IFRS.
3. ACCA believes that tax systems should be transparent, simplified, fair and certain.
4. Complying with regulations affects SMEs disproportionately, which is why ACCA urges governments and standard setters to ‘think small first'’
For further information please contact:
For further comment about tax changes, please contact: Chas Roy-Chowdhury, ACCA Head of Taxation phone: +44 (0)20 7059 5976 / + 44(0)7710 707 516 e mail: chas.roy-chowdury@accaglobal.com
Andrew Swailes, ACCA Newsroom phone: +44 (0)20 7059 5823 e mail: andrew.swailes@accaglobal.com