TIME TO RENEW YOUR WORKING TAX CREDITS

If you receive Working Tax Credits, a renewal pack should have been sent to you and you need to renew your tax credits by 31 July.

In order to complete your renewal you will need,

• Your National Insurance Number
• If applicable, details of any changes to your circumstances
• You and your partner’s total income for the last tax year.

You may need to complete a Self-Assessment to be able to calculate this income.  You need to complete a self-assessment tax return if,

• You’re self-employed and your income is more than £1,000
• You got more than £2,500 from renting out property. If between £1,000 and £2,500 contact HMRC.
• You received more than £2,500 in other untaxed income e.g. tips, commission etc.
• Your income from savings or investments was £10,000 or more before tax
• Your income from dividends from shares was £10,000 or more before tax; you need to tell HMRC if it was over your dividend allowance
• You made profits from selling such things as shares, a second home or other chargeable assets and need to pay Capital Gains Tax
• You were a company director – unless from a non-profit organisation (e.g. a charity) and you did not get any pay or benefits like a company car
• Your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
• You had income from abroad that you needed to pay tax on
• You lived abroad and had a UK income
• Your taxable income was over £100,000
• You were a trustee of a trust or registered pension scheme
• You had a P800 from HMRC saying you did not pay enough tax last year – and you did not pay that you owe through your tax code or with a voluntary payment
• Your State Pension was more that your Personal Allowance and was your only source of income – unless you started getting your pension on or after 6 April 2016

Source: HMRC