Tax Credits Renewal 2013

[Inmysparetime]

Hi everyone

 

Have a friend who gave an estimate in the year 2011/12 (self-employed). He forgot to get in touch with them to give the actual figure (once his accounts were done - figure was a few grand higher that the estimate). He now needs to ring the tax credit people today to get his renewal in on time for 2012/13. When he tells them of the actual income figure for 2011/12 will they just adjust his award for 2012/13 accordingly (I don't know anything about tax credits). He'd rather do the renewal by post but, of course, today is the deadline.

 

Thanks in advance

[honeybee13]

Hello there.

 

I'll move this thread to the HMRC forum, because they administer tax credits. I hope somone with experience of this will be along to answer your questions later.

 

My best, HB

[Inmysparetime]

Thanks HB... I noticed earlier I had posted in the wrong place and posted again, lol

[jadeybags]

They should do yes. Hope he managed to get through to them in time. It's very easy over the phone.

I have been told I need to let them know the official figure by the end of the year, for tax year 12-13 for me. I had already done my accounts by the time I renewed recently though, I just haven't done the online tax return yet. I have based mine on total profit. And haven't taken into account petrol allowance (not even sure what they allow) so if anything I know I have at least under estimated my profits a bit. Did your friend not do the accounts before renewing?