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HMRC Says 300,000 People Yet To Renew Tax Credit Claims

Published by Chirag
Published Date: July 3, 2023
Categories: Property Tax News

HMRC has made an announcement addressing to over 300, 000 people to make a renewal on their tax credit claims or risk losing out on all their payments in the case of failure of doing so.

The deadline for renewing the tax credits is on the 31st of July, and with the month already started, there is not a lot of time left. The easiest and quickest way to have your tax credits renewed is doing so through the HMRC app or doing it digitally through the government website.

What Happens if the Deadline is Missed?

HMRC has urged people to act quickly to avoid missing out on the deadline and in the case of failure, will risk having their future payments stopped.

It is also important to note that any emails from HMRC should not be neglected, especially because of the replacement of tax credits into universal credits, which is expected to be done by the end of 2024. Customers who currently receive tax credits will be able to get notified by the Department for Work and Pension (DWP) informing them of when they can claim their Universal Credit.

Can Anything Affect the Tax Credit Payment?

The time left to make the renewal continues to decrease everyday and it is advised to make the renewals as soon as possible before their tax credit payments get affected. Changes in income, working hours or living arrangements are some of the reasons that can affect the tax credit payments.

Concerned about your financial security? Visit our contact page to get in touch with our trusted advisors.

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