The tax credit system will be replaced by Universal Credit next year, but until then, you will have to tell HMRC of any changes in circumstance.
Letters are being sent out by HM Revenue and Customs to 730,000 people telling them to get in touch with them or face losing out on money, or even a £300 fine.
Thousands will have already received the letter but many will not get theirs until June 19, but regardless of when the brown envelope comes through your letterbox, you will have until June 31 to tell HMRC of any changes to your circumstances that could affect your claim. If you do not respond by this date, you could lose your tax credits and see less money in your bank account each month.
Many people now use Universal Credit, administered by the DWP, rather than the Working and Child Tax Credit system run by HMRC, but there are still 730,000 people getting monthly assistance through this scheme, all of whom have to update the taxman by the end of July. Any changes in circumstance, such as moving home, changing job, or a change in relationship, all need to reported to HMRC by this date.
Failure to report any changes can result in a £300 fine. Or a £3000 fine if you give the taxman the wrong information.You must also tell HMRC straight away if you: Myrtle Lloyd, HMRC’s Director General for Customer Services, has said: "Tax credits are valued by many families for their essential contribution to the monthly family budget, so to avoid payments being stopped please respond to HMRC by the 31 July deadline. For more information search ‘manage my tax credits’ on GOV.UK."
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