Act now to ensure you receive vital tax credits, says local Roger

Llanelli small businesses and business owners are being urged to act now to ensure they receive vital tax credits.

Roger Bowen who runs TaxAssist Accountants in Llanelli said; “July 31st is the deadline for tax credit renewals, which for Llanelli small business owners means they don’t have long to complete their tax returns. The self-employed will need those tax returns in order to complete much of their renewal form.

“For employed tax credit claimants, HMRC is encouraging employers to sit down with staff to double-check their figures. Failure to meet the deadline could result in the wrong payments being made and worst case, your tax credits payments being stopped altogether.”

Filing tax returns early could be beneficial to small business owners in other ways, said Roger Bowen. He added:

“Filing early doesn’t mean HMRC will come knocking at your door straight away for any tax owed – you’re still only obliged to pay on the normal due dates in January 2015 and July 2015. On the other hand, if you’ve overpaid and are due a tax refund, that should be sent to you as soon as HMRC have processed your return. Refunds can often be processed far slower nearer the tax return deadline as HMRC staff and systems are much busier than normal.”

“HMRC is also warning claimants about scam or “phishing” emails sent out by fraudsters in the run-up to the 31st July deadline. HMRC would never ask you to disclose personal or payment information by email. If you receive a suspicious-looking email, don’t click on any links or open any attachments as they may contain viruses designed to steal your personal information.”

TaxAssist Accountants Llanelli is a local business, operating across Carmarthen, Llanelli and Swansea, providing tax and accountancy advice and services purely to small businesses.