Tax Rebates & Refunds

5 changes you must tell HMRC about

January 23, 2013
Posted in Income Tax — Written by Jennifer

In order to calculate your income tax correctly, HM Revenue & Customs (HMRC) needs to be kept up to date with accurate information about your income and your employment, as well as other types of personal information.

You must inform HMRC straight away about any of the following changes in your life:

1. New name and/or address. If you change your name, get married (resulting in a change of name) or move house, let HMRC know right away. You may even be able to do this online via the HMRC’s website, especially if you are registered for self-assessment.

2. Changes to your income. If you start receiving any additional income (i.e. from a second job) or your income drops, you need to tell HMRC so that they can adjust your income tax accordingly. If you don’t let the tax office know, you could end up overpaying and having to claim a tax rebate, or underpaying and having to pay money back.

3. Becoming self-employed. If you become self-employed, or you do employed and self-employed work at the same time, tell HMRC as it may affect your tax code.

4. Retirement or semi-retirement. Becoming retired or semi-retired affects your tax situation significantly, so the tax office needs to know about your new situation.

5. Receiving benefits. Tax credits, Jobseeker’s Allowance and other benefits all need to be reported to HMRC.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment