First cost of living payment received by millions
Payments to support those struggling with the cost of living are starting to be paid into eight million people’s accounts from today. Read More
New guidelines could help thousands of Britons cut their debt
Companies have been told by the Government’s Insolvency Service to consider the impact of rising prices and its effect on household incomes -meaning debts could be written off or repayments halved. Read More
Trade agreement between UK and India close to completion
It has been announced by India’s commerce minister, Piyush Goyal, that India’s long-anticipated trade agreement with the UK is set to reach completion by October.
Government must act to improve inbound tourism, Select Committee says
As the UK tourism sector recovers from the pandemic, a Government minister has been told more must be done to encourage international visitors. Read More
Businesses must work harder to win the trust of the public
A new survey has shown the UK public’s attitude towards business has improved, but work still needs to be done.
Have you claimed the working from home tax relief?
The eligibility criteria for the Government’s work from home tax relief was relaxed during the pandemic, as restrictions prevented many people from physically going to work.
Have you renewed your tax credits?
According to HMRC, 323,700 customers are yet to renew their tax credits, with just one month left to do so.
Tax credits offer targeted financial aid to working families, so to ensure you receive what you are eligible for, it is crucial that you renew before the deadline of 31 July.
Failure to do so by this date will result in your payments coming to a halt.
How do you renew?
Tax credits can be renewed for free via GOV.UK by searching ‘tax credits’, or via the HMRC app.
Renewing online is a fast, simple process. By logging into GOV.UK, you can check on the status of your renewal, see that it is being processed, and know when to expect a response from HMRC.
The other option to consider is downloading the HMRC app on your smartphone. Through the app, it is possible to:
- Renew your tax credits
- Make changes to your claim
- Check your tax credits payments schedule
- Find out how much you have earned for the year.
To help, HMRC has provided a video to explain how tax credits customers can use the HMRC app to view, manage and update their information.
Have your circumstances changed?
If there is a change in your circumstances that could affect your tax credits claims, these changes must be reported to HMRC.
Circumstances that could affect tax credits payments include changes to:
- Living arrangements
- Childcare
- Working hours
- Income (increase or decrease).
It is also important to remember that tax credits will be replaced by Universal Credit by the end of 2024.
If you move from tax credits to Universal Credit, you could be at a financial advantage. To check this, you can use an independent benefits calculator.
For help and advice with related personal tax matters, please get in touch with our team today.
Government review seeks to improve the holiday letting market
A review into the effect of short-term holiday lets has been launched by the Government to improve the holiday letting market for those living in popular tourism destinations.
Open banking allows accountants to deliver added value for clients
A new survey has found that more and more SMEs are turning to open banking to make their businesses more efficient, a move that offers accountants opportunities to deliver added value to clients.
How hospitality can cope with strikes and staff shortages
The leisure and hospitality industry’s recovery post-pandemic is still being blighted by a shortage of staff. Read More