Tax Credits Application Deadline Looms

Tax Credits Application Deadline Looms - 31 July 2014.

HMRC has issued a reminder to the public that the Tax Credit Application deadline is fast approaching for 31 July 2014.

They estimate that of the 5 million families that are eligible to apply for tax credits, 865,000 are yet to apply.  That is almost 1 in 5 households.

There are two types of tax credit:

• Child Tax Credit for low income families
• Working Tax Credit for low income households

The message is loud and clear.  If you believe you are eligible then you need to apply.

Warning

Be careful if you were previously eligible and your work or family circumstances or hours have changed.  If you are not eligible or become not elegible then you notify HMRC immediately given that you will have to repay any overpaid tax credits and this could cause financial burden if you have not notified HMRC as soon as you become ineligble.