HM Revenue and Customs (HMRC) is ready for a rise in calls as the July 31 tax credit claim deadline nears. People elegible should contact the HMRC and report any changes during the year, such as working hours, childcare, costs and pay. If you do not renew your claim by July 31 your payments will stop.
Currently tax credits are paid based on claimant’s household circumstances, such as the number and age of children, and if anyone in the family has a disability. A family making less than 58,000 pounds a year is eligible.
With Budget cuts coming next April payments will be less for those making more than 40,000 pounds. Approximately 1.1 million fewer households will be eligible. Those making less than 40,000 a year in earnings will see an increase in the Child Tax Credit by 150 pounds. Budget cuts will not effect those earning less than 16,190 pounds a year.
HMRC spokesperson Steve Lamey reminded those eligible to renew soon. He said: “There are only a few days left to renew your tax credits, so you need to take urgent action if you have not done so.”