£7bn worth of tax credits are going unclaimed in the UK

Over £7bn of tax credits remain not claimed as advisers are asking Brits to check again to make sure that they have received everything they are entitled to. Some of the unclaimed tax credits include working tax credits, child tax credits, and pension credits.

According to a Tax Action report published by Unbiased.co.uk income related tax credits are what make up the most unclaimed credits. In fact, they make up a majority of the £12.6bn taxes that are wasted every year in the UK with the working tax credit making up £2.7bn of the wastage.

The Tax Action campaign thus encourages taxpayers to take a second look at their taxes and to review what they are entitled to receive to make sure that they do not miss anything. Taxpayers will have until the July 21st deadline in order to make sure that they have received their tax credits before it is too late to do so anymore.

Chief executive for Unbiased.co.uk stated that taxpayers should be careful when they fill out their forms to make sure that they have done so correctly and will receive everything they are entitled to.

Barrett stated that any errors made on the forms will put the amount that people receive in jeopardy and if you miss a deadline may even cause all of your tax credit payments to come to a complete stop. She added that not everything is lost, because you will have a thirty day grace period to get your tax credits back in line again.

However, Barrett did add that it is important to make sure that the Tax Office is always aware of changes to your financial and personal circumstances so that you do not overpay or miss out on a full tax credit entitlement when it is due.

 

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