What you must tell HMRC

Posted on 5th June 2023 by Streets HMRC notices


Image to represent What you must tell HMRC

If your personal details change you may be required to notify HMRC as this can affect your entitlement to certain tax breaks and or benefits.

For example, you need to tell HMRC if:

  • you get married or form a civil partnership; or
  • you divorce, separate or stop living with your husband, wife or partner.

The sooner you advise HMRC the better as the change could result in you paying too much tax or paying too little and owing HMRC more money.

If you receive tax credits or Child Benefit you also need to tell HMRC separately about changes to your relationship or family.

In the sad event that your spouse or civil partner dies, it is also a requirement to report the death to HMRC as well as notifying of changes to your income. For example, the death of a spouse would mean that the surviving spouse was no longer entitled to claim the Married Couple's Allowance.

If you move home, it is advisable to let HMRC know as soon as possible so they can update your contact details. HMRC should also be informed if you change gender although the process is usually automatic when you change gender legally by applying for a Gender Recognition Certificate.

You must also notify HMRC about certain changes to your income such as when you start or stop receiving:

  • income from a new source, such as money from self-employment or rent from property;
  • taxable benefits, such as State Pension, Jobseeker’s Allowance and Carer’s Allowance;
  • benefits from your job, such as a company car;
  • income above your Personal Allowance;
  • money over £85,000 from self-employment (you must register for VAT over this amount);
  • lump sums from selling things you pay Capital Gains Tax on, such as shares or property that’s not your main home; and
  • income from property, money or shares you inherit, such as dividends from shares or rent from property.

No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


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