Published On: Wed, Jul 29th, 2020

Martin Lewis Money Saving Expert: Action needed ahead of this week’s Tax Credit deadline | Personal Finance | Finance

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Martin Lewis uses his various platforms to provide Britons with the most up-to-date information and advice on a variety of financial related topics. He has enabled many households to save money, change their habits, and even to pay attention to issues they may not have otherwise noticed.

But there are particular signs which are important to look out for on documentation, which Martin helpfully explained.

While everyone gets an annual review notice, some people will also receive an annual declaration.

If a person sees a black line under their address and reference number on the first page of their notice, they should only respond to make changes if necessary.

Martin said: “Check all the information is correct, especially income. If it is, you don’t need to do anything – your credits will be automatically renewed.

“But if any information is wrong, you must let the tax credit office know before the deadline.”

The declaration form, however, must be completed if received or tax credits will be halted.

A select group of people will receive this form, but the assessment questions on it must be completed by July 31.

This can be done online or by phone to provide ease for those who are entitled to receive tax credits.

Tax credits are being slowly phased out, as many people transfer onto the Universal Credit system.

They come in two forms – Working Tax Credit and Child Tax Credit – although people claiming these do not have to take action to switch to Universal Credit unless they are specifically told to.

However, for many people across the country, tax credits still prove vital, so missing a deadline could be disastrous. 

Tax credit payments are traditionally made every week or every four weeks, but bank holidays could also affect when a person is paid. 

If a person does miss the deadline, they will be required to reclaim their tax benefits, however, these will only be awarded if they qualify under new, stricter rules.

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip



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