Massive increase in online tax credit renewals

/ Posted By - Bradleys Accountants / Categories - Advice for Small Businesses

HMRC was pushing for tax credits renewals to be done online this year, and rightly so, since last year over 650,000 people missed the deadline. Based on the title of this article you may believe that there must have been more people renewing their tax credits online this year.

Well the exact figure is a whopping 94% increase. No that’s not a typo, online tax credit renewals this year jumped 94% compared to last year. So I guess whoever was handling the marketing of this campaign on behalf of HMRC is getting a big pat on the back.

This year the government launched a free mobile app to make it even easier to claim the tax credits online. Citizens that are not very tech savvy don’t need to fret as the previous methods of sending by post or calling by phone are still available. In fact more than 950,000 people renewed by calling HMRC’s tax credits hotline while another one million still preferred renewing by post.

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    The implementation of online renewals has been extremely successful with more than 750,000 people claiming their credits online. Out of this number about half used the online mobile application while the other half utilized their laptops or desktops to renew.

    Applicants that are receiving either working tax credits or child tax credits or both will need to pay close attention to the information they are providing for their tax credits renewal as it will determine their final entitlement. If renewals were not completed by the closing date (July 31, 2015) applicants will discontinue receiving payments and may fail to benefit from any extra tax credits they may be entitled to.

    If you have not renewed your tax credits yet, then it is crucial for you to get in contact with your accountant or a professional advisor. You could also contact HMRC’s tax credit helpline immediately on 0345 300 3900 to verify your payment does not discontinue.

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