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Tax Credits Deadline Cometh

HMRC say that they will stop tax credits if you don’t get your annual declarations in by the 31st.

If the Olympics is an opportunity to catch up with paperwork in front of evening TV, make your tax credits return the priority.

Plenty of tax tips to come from me on tax credits, but most are only valid before the end of the tax year.

Now that you cannot change history, the only tool available is to change your accounting year-end.  Guaranteed to give you a different result every time.  You just need to play around with the year-end until you find a point that suits.  Don’t forget, though, that we still have a £10,000 income disregard, so only mess around if you are staring down the barrel at > £10,000 increase.  Anything less, just let the dice roll. Remember, also, not to waste a change of year-end which can only be done once in any 5-year period.

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