Tax Credit Deadline

Tax Credit Deadline

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We are starting to get a number of clients with a 5/4 year end asking for their figures so that they can meet the Tax Credit deadline. If we have many more asking we will not be able to give them the details in time.

If a client does not submit their 07/08 figures by 31/7/08 what is the consequence?

I seem to recall that in precious years if a claim had been made before 31/7 it was ok to submit estimated figures provided that these were repaired by the following 31 Jan.

Does anyone know if this is going to be the same this year?

Thanks

Martin
martin curtis

Replies (6)

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By mikewhit
22nd Jul 2008 09:18

Corrupt link - AccountingWeb problem !!
Thanks, Clint - the clickable link was auto-generated from my plain text URL by the AW site software it would appear, and it attached the closing bracket to the URL in the "< a > < / a > ".

Nichola - as an AW person, any comments ? Or should we just always check the posting result and edit if if any problem ?

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By AnonymousUser
21st Jul 2008 17:39

Link corrupt, Mike
because it includes the final close bracket in the link.
Try
https://www.accountingweb.co.uk/cgi-bin/item.cgi?id=182998

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By mikewhit
21st Jul 2008 16:28

Stop - reverse !
"Your clients need to send a reply to HMRC < 31 July 2008 based on figures to 5 April 2008 or their payments will stop"

Surely it's worse than this - from an acquaintance, the payments stop, but the HMRC then claims that if you miss the reporting deadline, the Tax Credits are treated "by statute" as having been overpaid - even if you subsequently submit data to the contrary.
(see https://www.accountingweb.co.uk/cgi-bin/item.cgi?id=182998)

Hence you must pay back all that was paid in the year up to the missed reporting date.

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By woolley11
21st Jul 2008 13:44

They need to have a reply or the payments will stop!
Yes it is the same. Your clients need to send a reply to HMRC < 31 July 2008 based on figures to 5 April 2008 or their payments will stop !. There is a box on the form to indicate whether the figures are estimates. Simply put a best estimated figure on the form and enter an X in the box to indicate it is an estimate. Final figures can be given much later

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By woolley11
21st Jul 2008 13:44

They need to have a reply or the payments will stop!
Your clients need to send a reply to HMRC < 31 July 2008 based on figures to 5 April 2008 or their payments will stop !. There is a box on the form to indicate whether the figures are estimates. Simply put a best estimated figure on the form and enter an X in the box to indicate it is an estimate. Final figures can be given much later

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By Peter Cane
21st Jul 2008 11:38

Still the same
Yes, provided you give them the final figures by 31 January, they will accept estimates by 31 July.

See here http://www.hmrc.gov.uk/taxcredits/deadlines.htm

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