Billions in income tax credits going unclaimed

Taxpayers are being urged to renew and check their tax credits ahead of the 31 July deadline.The call comes after a new report has revealed that £7.3 billion a year in income-related tax credits is going unclaimed. Unbiased.co.uk’s latest Tax Action Report reveals that unclaimed income-related tax credits are the largest area of unused tax allowances, with people failing to claim child tax credits, working tax credits and pension credits.Unbiased.co.uk is encouraging taxpayers to check and renew their tax credit entitlements ahead of the 31 July deadline to make sure that they have been paid and will continue to be paid any money that they’re entitled to.Karen Barrett, Chief Executive of unbiased.co.uk, comments: “This year, as in previous years, taxpayers are at risk of missing out on thousands of pounds by failing to renew their tax credits before the impending 31 July deadline, or by failing to fill out their forms correctly.”“Take care to fill out your forms correctly; any errors can often jeopardise the amount you will eventually receive. And if you miss this week’s deadline, although your tax credit payments will stop, all is not lost; you will be given a 30-day grace period to get your tax credits re-instated.”

http://www.50percenttax.co.uk/index/2012/8/2/billions-in-income-tax-credits-going-unclaimed.html