HM Revenue and Customs (HMRC) have issued an important reminder to anyone claiming Tax Credits.
Approximately 323,000 benefits claimants are at risk of losing out on money if they don't take action by the end of this month. Payments will be stopped if claimants do not renew their Tax Credits before the deadline on July 31.
Tax credits help working families with targeted financial support – so it’s important that customers renew before the deadline to ensure they don’t miss out on money they’re entitled to.
READ MORE: Four changes to Universal Credit and when they will come in
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."
How to renew a Tax Credits claim
Customers can renew their tax credits for free via GOV.UK or the HMRC app. Renewing online is quick and easy. Customers can log into GOV.UK to check on the progress of their renewal, be reassured it’s being processed and know when they’ll hear back from HMRC.
To sign into HMRC’s tax credits service for the first time you’ll need to prove your identity using 2 evidence sources. You can find the full list and how to manage your tax credits on GOV.UK.
What changes do I need to inform HMRC about?
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)
When is Tax Credits being replaced by Universal Credit?
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, 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.
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