Will I receive working or child tax credits on a bank holiday?

As summer 2024 winds down, there’s one thing on everyone’s mind – the August bank holiday! Whilst many of us look forward to an extra day of fun in the sun, those receiving working or child tax credits may have concerns.

How will the bank holiday affect their payments? Will they arrive on time? Let’s break it down. 

What are tax credits?

Tax credits are a government benefit designed to support individuals with lower incomes. They’re paid by HMRC and are gradually being replaced by Universal Credit. You can find out more about this, here. 

There are two types of tax credits:

1. Child tax credit (CTC) 
2. Working tax credit (WTC) 

To qualify for one or both of these tax credits, you must: 

What is Child Tax Credit? 

Child Tax Credit is available to those responsible for children under 16 (or under 19 if they’re in education). You don’t have to be working to claim it. 

The amount you receive depends on how many children you’re responsible for and whether it’s a new claim. But heads up – you can only claim CTC if you already receive WTC. 

Worried it might affect your Child Benefit? No need! If eligible, you can claim both. 

What and how much you’re eligible to varies between individuals. To learn more about the criteria for Child Tax Credit, click here. 

What is Working Tax Credit? 

Working tax credit is given to support people who work but earn a low income. 

So, what do you need to know? Here’s the lowdown: 

Curious about the details? Check out the government website, here, for more information! 

When are HMRC payments normally made? 

Great question! HMRC payments are made weekly or every four weeks. 

Wondering which it will be? That’s up to you! When you fill out your claim form, you can choose whether you’d like to be paid weekly or every 4 weeks.

And here’s a little bonus – tax credits are typically paid into your bank account on a Monday. So, you can kick-start the week the right way! 

When are bank holiday payments made? 

If a bank holiday is coming up, HMRC will pay your tax credits earlier – usually the working day before. So, if you normally receive your payments on a Monday, you should receive them the Friday beforehand. 

Check out the list below to see HMRC payment dates for the remaining bank holidays in 2024. 

What if I don’t receive my credit(s)? 

First things first, don’t panic! If your payment is late, here’s what you can do: 

• Check the payment date on your award notice 
• Contact your bank 
• Call HMRC on 0345 300 3900 

Need to log into your account on the Government Gateway site? Click here.

Bank holiday ready? 

Rest assured, you will receive your tax credits from HMRC before the bank holiday. Just keep in mind that since you’re getting your payments early, you’ll need to make them last just as long as you normally would. 

Now, it’s time to kick back, relax, and enjoy some well-deserved sunshine!