Don’t risk HMRC fines.
Is there a deadline for renewing tax credits? If yes, what it is?
Here’s the rundown.
Let’s refresh your memory on everything you need to know about tax credits.
In the UK, tax credits are a type of benefit that is provided by the government. They’re available to those who need a bit of extra money and general support. This includes:
There are two types of tax credits that you can receive:
You might have already claimed for either one or both of these credits, depending on your situation.
If you don’t already, you can’t make a new claim for tax credits.
UK tax credits are being replaced by Universal Credit by 2024. You can only claim tax credits if:
Otherwise, you should apply for Universal Credit.
Unfortunately, the deadline to renew tax credits for 2022/2023 has already passed.
HMRC told claimants that they had to renew their tax credits before the deadline of 31st July. In fact, in the build-up to the deadline, HMRC even issued an urgent reminder to the quarter of a million people who were yet to renew their claims.
So unless you renewed your tax credits before this deadline, you’ve missed the boat!
There’s unfortunately not too much you can do in terms of making sure you still receive tax credits. HMRC were pretty adamant in stating that failing to renew tax credits before the deadline would mean that payments would be cut off.
However, you can still apply for Universal Credit.
Here’s how it works.
Universal Credit (UC) is a payment you’re entitled to that you receive from the government to support you. In most cases, you receive single monthly payments. This can be either just for you or for both you and your partner if you have a joint claim.
UC is set to replace tax credits by 2024, so even if you missed your chance to renew, you can still apply for UC.
To be eligible to claim for Universal Credit you must:
The upside to switching to UC from tax credits is that you’re more likely to receive more financial support, according to HMRC – woohoo!
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