AN accountants' organisation is warning people could lose their tax credits if they miss a deadline.

Forms to renew tax credits have to be returned to HMRC by 31 July 31 otherwise people risk losing them entirely, saysACCA (the Association of Chartered Certified Accountants).

Chas Roy-Chowdhury, ACCA head of taxation said: “At a time of reduced disposable income for many families tax credits are important for keeping the household finances in order. It’s a relatively simple process to complete your tax credits form but, if you don’t do it, you could end up losing them.

“You must notify HMRC of any changes in circumstances that may affect any monies you receive. The taxman will take a very dim view if they discover your circumstances have changed but you haven’t informed them. In extreme circumstances they could decide to prosecute.”

Anyone unsure about the information to submit should either speak to HMRC or visit an ACCA accountant. It is important to get the form right - any mistake could lead to the wrong, or no tax credits being paid.

Visit gov.uk/renewing-your-tax-credits-claim for more information.