Annual Renewal Information For All

[Deleted User]

Annual Renewal Information For All

If calling TCO to complete your Annual Renewal Information you should take note of the following information that will be required.

You must check if all of the personal details and circumstances on your renewal are correct and up to date, if not make the adviser aware of this before completing the renewal.

You will be asked the following questions regarding the period of
6th April 2007 – 5th April 2008.

Have you received any Income Support, Income-Based JSA or Pension Credits?
Only reply YES if you have received any of these for the full year (the only exception being if you have not claimed Tax Credits for the full year, you can still reply YES if you have received any of these benefits for the full period you claimed in this year)

Have you received any Taxable Social Security Benefits?
This would include Carer’s Allowance, Incapacity Benefit, Contributions-Based JSA.
You do not need to declare CSA Payments, Maintenance, DLA, Child Benefit, Income-Based JSA, Income Support or Pension Credits.
Also note that if you have not long been awarded Incapacity Benefit you are allowed to disregard the very 1st 28 weeks you received. And if you claimed Incapacity Benefit before 13th April 1995 when it was Invalidity Benefit, you do not need to declare any of the Incapacity Benefit you receive.

Have you received any Earnings from Employment?
Self explanatory, this would be the “Total for year” figure on your P60.
If you had any allowable deductions you would declare the “Taxable Earnings” amount. If you don’t have your P60 you can use your last payslip in March if it shows an “Earnings To Date” amount.
If you have had more than one job you may need to add up figures on P45’s and P60 if they are not already totalled together on the P60.
Allowable deductions would be Pension Contributions and if you were purchasing Childcare Vouchers. Also deduct the first £100 p/w you received in SMP (up to 26 or 39 weeks dependant on how long you took off)

Have you received any Company Benefits?
You would declare anything that would appear on a P9D or P11D as “Cash Equivalent”

Have you received any Self Employed Income?
This is also self explanatory. Declare what net profit you have had.
If you do not have the exact figures as yet just give a calculated estimate and make sure you make the adviser aware that it is only an estimate.
You will then have until 31st January 2009 to have the exact figures calculated.

Have you had any Other Household Income?
This would be income from pensions, savings interest, investments, property, trusts and foreign income. When you total up all of these you would disregard the first £300 and declare anything over this.
Do not include interest from tax-free savings such as ISSAs, TESSAs PEPs etc.

Are you happy for us to accept that the recorded call being made is a verbal signature in order for us to process your renewal?
As you are unable to sign the form you must agree that you have given your verbal signature to declare that everything you have said is true and correct. If you do not agree to this your renewal will not be accepted and processed.

Is your income for the current year going to be around the same as it was in the previous year?
Some advisers may not ask this question but if your income for the year is going to be significantly different ensure that you have made the adviser aware of this.


If you need any more information about anything that needs to be declared you should refer to the guidance notes that came with the claim pack as you are declaring the same things on the renewal as you would on your claim form.
.For those who dont have a guidance book have a look at the link -
http://www.hmrc.gov.uk/forms/tc600-notes.pdf



If there is anyone on the board who can make this a Sticky I would be very grateful.

Conor_3

Many thanks for that, especially the first part regarding the benefits claims.

Loopy_Girl

Thanks for that Sub...very useful

Could I just ask a question if you don't mind. With regards to my March payslip (which I may need to use, it has 'Taxable Pay' and a figure. Now, do I deduct the superannuations that I have made from this figure (and the payslip also tells me this) or is that the figure that has already had them deducted and that is the figure I should be quoting?

Hope that makes sense!!! Thanks

p.s - I agree this should be a sticky

[Deleted User]

The amount you would declare would be the Taxable Pay, this would have all deductions already made (with the exception of maternity £100 p/w disregard).

Loopy_Girl

That's great. Many thanks x

I,M_SAD

I hav,nt received a renewal form yet from tax credits.Should I ring though and tell tax credits my increase in salary now?I have not had my p60,just my final March payslip.Also sorry to be so dull,but we have new payslips,can I just re check,I have a gross pay,a national insurance pay and a taxable pay,which one do I use?thank you.

[Deleted User]

You would declare the taxable pay. If your final figure for the 07/08 year is quite a big difference from the 06/07 income then you should phone up to give them your 07/08 "estimate" until you receive your renewal pack as they cannot process your declaration until your renewal has been issued.

Loopy_Girl

As soon as I get any changes I'm Sad, I just tell them straight away. The renewal notices can be anytime from now until June so you may have your P60 by the time you get your renewal.

And from what Sub said last night it would be the 'taxable pay' that you quote although if I'm wrong I'm sure she'll correct me

Loopy_Girl

Oooohhh....spooky!!! must have been typing at the same time!!!!!! :):)

[Deleted User]

Yes you're correct Loopy - and HE wont need to correct you! **Checks to make sure it is still HE and not SHE**

Loopy_Girl

Oh dear.....am so sorry...have looked for an embarrassed icon but there doesn't appear to be one so instead have this grovelling :kisses3: from me!!!!!!:rotfl: :rotfl: :rotfl:

Sorry about that!!!!