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Did You Meet The Tax Credit Deadline?

While the deadline for renewing tax credits was the 31st July it seems that literally hundreds of thousands of people were unable to get through on the helpline and may see their income slashed for the next 12 months. Failure to renew a tax claim prior to the 31st July will see all over payments reclaimed automatically and any previous arrangements cancelled.

Since being introduced back in 2003 the system has paid out in excess of £60 billion but 5 years later the system is still no where near perfect. Overpayment errors are still rife, records are often left updated and many claimants have been left with little or no income because of system errors. The tax credits system is a well based idea but it has become something of a fraudsters dream with literally billions of pounds paid out on bogus claims.

In many cases the fraudsters are escaping attempts to reclaim the money leaving genuine claimants, who may have received funds in error, to take the heat. Political pressure in this area has seen literally billions of pounds thrown at the system but there has been little or no real return on investment. The system is still in disarray in many areas and the fact claimants could not renew their claims through no fault of their own is sure to hit the headlines over the weeks and months ahead.

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