Tax credits claimants who make a self-assessment tax return must update the Tax Credits Office with their final income details to ensure they get the right benefits.
If you are in self-assessment and claim tax credits you will need to provide the net profit figure from your tax return to the Tax Credits Office before 31 January 2018. If you have other income, for example, dividends, investment income, interest, pensions or property/rent, these also need to be reported to the Tax Credits Office. These are often omitted from tax credits claims and renewals meaning that claimants receive too much money and then need to repay HMRC later in the year.
Similarly, if you draw dividends and the amount you receive has changed, you should update the Tax Credits Office to ensure that your tax credits award is correct.
To tell the Tax Credits Office about your updated income for last year, please call the Tax Credits helpline on 0345 300 3900. This cannot be done online.
For further advice, please contact your
local Moore representative.