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Back down to earth

Back down to earth

You can always rely on HMRC to ruin a party. Take Christmas, for example: enjoy your presents and Christmas dinner, they say, but don’t forget that your tax return needs doing, or that you’ll have a tax bill to pay come the New Year. And so it was with yesterday’s GCSE results: one minute little Sophie was opening her results, the next HMRC were warning Sophie’s parents that child benefit and tax credit could be lost if they don’t inform them of Sophie’s plans PDQ. Thanks for that, HMRC.

In fairness to HMRC, it is an important message. So important that I’ve reproduced it below (using bold type to highlight the extra-important bit):

“If you are receiving Child Benefit and Child Tax Credits and your child is 16+, you need to update HM Revenue and Customs of your child’s educational status before 31 August, otherwise payment will stop. The reminder comes as many students across the country receive their GCSE results today.

You must contact HMRC to confirm the eligibility of your 16+ child if they are:

  • continuing in full-time, non-advanced education
  • moving into employment
  • undertaking approved training

If a young person leaves full-time education or training, for example, to start full-time work or because their course has ended, parents must report this change straight away to prevent an overpayment, which they will have to pay back.”

So remember, its not just Granny that you need to update on Sophie’s plans, it’s HMRC too.

For further information, see GOV.UK here.

If you would like some assistance or have any questions on the above or any other areas of accounting or tax, please contact us at hello@applauseaccountancy.co.uk 

Applause Accountancy Services Limited takes every care in preparing material to ensure that the content is accurate and up to date. However, no responsibility for loss for anyone acting from or refraining from acting as a result of this information can be accepted by Applause Accountancy Services Limited.


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