HMRC are reminding tax credit claimants to renew claims by July 31 or their claims may stop.

If you’re self employed and you will not have your final income figures for 2011/12 by the end of July you will be allowed to extend the notification period until January 31, 2013 but you must still contact HMRC before the end of July to renew your claim.

And don’t forget there are tax planning situations attached to tax credit claims, especially if your profits have fallen during the recession.