Tax credits ' 30 September deadline looms!

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Rebecca Benneyworth has some words of advice for practitioners preparing accounts for tax credit purposes

As I write, practitioners will be rounding up the last of their tax credit clients who need accounts in time for tax credit renewals.

A declaration of income and circumstances for the 2004-05 tax year, on which the finalised tax credit claim for that year is based, must be submitted by 30 September

In view of this here are some timely reminders about points to watch!

Income calculations

Most accountants dealing with tax credit renewals are aware that the income definitions differ from the calculation of income for tax purposes. The key difference is the ability to set losses of one spouse against income of the other. Any losses not set off in this way are carried forward and...

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Carry forward of losses
Rebecca,can you please confirm that losses carried forward for tax credits can be used against household income in the following year and are not restricted to being set off aginst profit of same trade. Your comment is the first time I have seen this mentioned.Thank you

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