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TO FOCUS ON RUNNING YOUR BUSINESS.

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TO FOCUS ON YOUR BUSINESS ADVENTURE.

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Tax Credit Deadlines

Newsletter issue - June 07.

If you are claiming tax credits you should have received a renewal pack by now to renew your claim for the current tax year: 2007/08. You need to return these papers by 31 July 2007 including, if possible, an accurate statement of your family income for the year to 5 April 2007. If you don't return the renewal papers by 31 July your tax credit payments will stop.

Where your income is primarily profits from your own business you may need to wait until your 2006/07 accounts are completed, before you can give an accurate figure for your family income. If this is the case you should include an estimate of your income on the renewal papers and supply the final figures by 31 January 2008.

Where there are changes in your family circumstances, your working patterns or in the number of children that qualify for tax credits within your family, you need to report these changes to the Tax Credit Office within one month of the change. For example if you split up with your partner, so they cease living in the family home, you must report this change within one month. As a single person supporting children your tax credit claim will need to be recalculated based only on your income and your working hours.

 

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