Have you done yours? 323,700 tax credits customers have one month left to renew

323,700 customers have yet to renew their tax credits.

With the July 31 deadline fast approaching HM Revenue and Customs (HMRC) are urging people to renew or their payments will stop.

Tax credits help working families with targeted financial support – so it’s important that customers renew before the deadline to ensure they don’t miss out on money they’re entitled to.

Tax credits will be replaced by Universal Credit by the end of 2024. Many customers who move from tax credits to Universal Credit could be financially better off and can use an independent benefits calculator to check.

Renewing online is quick and easy. Customers can log into GOV.UK to check on the progress of their renewal, be reassured it’s being processed and know when they’ll hear back from HMRC.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “There’s just one month to go for our tax credits customers to renew. It’s easy to do online or on the HMRC app – search ‘tax credits’ on GOV.UK.”

Customers choosing to use the HMRC app on their smartphone can:

• renew their tax credits
• make changes to their claim
• check their tax credits payments schedule, and
• find out how much they have earned for the year

If there is a change in a customer’s circumstances that could affect their tax credits claims, they must report the changes to HMRC. Circumstances that could affect tax credits payments include changes to:

• living arrangements
• childcare
• working hours, or
• income (increase or decrease)

The UK Government has recently announced a Cost of Living Payment of £650, payable in two separate lump sums of £326 and £324, for households receiving certain benefits or tax credits, to help with the cost of living. If tax credits only, they are eligible for each payment. HMRC will contact them and issue payments automatically, with the first being made by the autumn. Customers do not need to contact HMRC or apply for the payment.

More information on the Cost of Living Payment, including eligibility, is available on GOV.UK.