Tax Credits apply now to secure benefits

In order to qualify for a full year’s Tax Credit claim for 2012-13 your application needs to be made before 6 May 2012. This is because HMRC will not back date an application for more than one month. Prior to 6 April 2012 it was possible to backdate applications and notification of changes for three months.

Based on your past income levels you may be of the opinion that an application would produce no cash benefit. However, your circumstances may change. For example if you are self-employed you may suffer a downturn in trade that you cannot foresee or you may be able to claim for a significant investment in plant or equipment and reduce your taxable profits accordingly.

Applying before 5 May 2012 will secure your rights to Tax Credits for 2012-13. Even if the initial assessment reveals that no Tax Credit payments are due to you, should your circumstances change you can ask for the assessment to be re-evaluated.

Please call if you would like assistance in making a claim.

Original post by Latest Taxation News and many thanks to them and their entry and picture of their BMX Bike