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Thousands could miss out on financial support from HMRC by not renewing tax credits

today30 June 2022

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Hundreds of thousands of people could be about to miss out on financial support payments from the HMRC. As many as 323,700 customers are yet to renew their tax credits ahead of the deadline, with HM Revenue and Customs (HMRC) reminding them to do so by July 31 – or risk their payments stopping altogether.

Tax credits help working families with targeted financial support, so, if customers don’t renew before the deadline, they will miss out on money they’re entitled to. Customers can renew their tax credits for free via GOV.UK or the HMRC app and the HMRC say renewing online is quick and easy.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “There’s just one month to go for our tax credits customers to renew. It’s easy to do online or on the HMRC app – search ‘tax credits’ on GOV.UK.”

Families could miss out on thousands in summer childcare costs – read more here

Customers choosing to use the HMRC app on their smartphone can:

  • renew their tax credits
  • make changes to their claim
  • check their tax credits payments schedule, and
  • find out how much they have earned for the year

If there is a change in a customer’s circumstances that could affect their tax credits claims, they must report the changes to HMRC. Circumstances that could affect tax credits payments include changes to:

  • living arrangements
  • childcare
  • working hours, or
  • income (increase or decrease)

The UK Government has recently announced a Cost of Living Payment of £650, payable in two separate lump sums of £326 and £324, for households receiving certain benefits or tax credits, to help with the cost of living. If tax credits only, they are eligible for each payment.

HMRC will contact people and issue payments automatically, with the first being made by the autumn – those eligible do not need to contact HMRC or apply for the payment. Tax credits are ending and will be replaced by Universal Credit by the end of 2024.

Many customers who move from tax credits to Universal Credit could be financially better off and can use an independent benefits calculator to check. If customers choose to apply sooner, HMRC say it is important to get independent advice beforehand as they will not be able to go back to tax credits or any other benefits that Universal Credit replaces.

HMRC is urging customers never to share their HMRC login details. Someone using them could steal from the customer or make a fraudulent claim in their name. HMRC is also warning people that if someone contacts them saying that they are from HMRC and wants the customer to transfer money urgently or give personal information, they should never let themselves be rushed. The department urges people to take their time and check HMRC’s advice about scams on GOV.UK.

Read more here:

Written by: thehitnetwork

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