Almost half a million tax credit customers have yet to renew their claims ahead of the 31 July deadline, it has been warned.<\/p>\n
HM Revenue & Customs (HMRC) reminded taxpayers that certain tax credit claims do not renew automatically.<\/p>\n
According to the report, some 2.5 million annual tax credits renewal packs were posted to customers between April and June this year.<\/p>\n
But approximately 440,000 adults risk having their tax credits \u2013 such as child tax credit or support for disabled workers \u2013 cancelled because they have not responded to a \u201creply required\u201d notice.<\/p>\n
For example, self-employed taxpayers in receipt of tax credit are required to estimate their profit or loss for the coming tax year, as well as declare any grant payments under the Self Employment Income Support Scheme (SEISS), and report this information to HMRC by the same deadline.<\/p>\n
Workers on furlough, however, do not need to report any temporary falls in working hours as a result of the coronavirus, as they will be treated as if they are working their normal hours for up to eight weeks after the Coronavirus Job Retention Scheme (CJRS) closes.<\/p>\n
Reminding customers to renew now, Myrtle Lloyd, HMRC\u2019s Director General for Customer Services, said: \u201cWe know how important tax credits are to our customers, so we\u2019ve made it quicker and easier to renew claims online. There\u2019s no need to wait for the 31 July deadline \u2013 do it now by searching \u2018tax credits\u2019 on GOV.UK.\u201d<\/p>\n