Friday, 19 March 2021

Cash in on £500 Working Tax Credit

Working tax credit £500 payment: How to claim and who is eligible

BRITS who claim working tax credit will be able to get a one-off payment worth £500 in April to help them through the Covid crisis.

The payout is supposed to echo the six month extension to the £20 a week boost in Universal Credit payments.

Brits will be able to get the cash if they received the following benefits on March 2:
Working tax credit payments
Working tax credit and child tax credit payments

Those who get child tax credit payments and are eligible for working tax credit but do not get payments because their income is too high will also be able to get the payment.

You’ll get a £500 payment because of the way that the working tax credits system works.

It will match the extra weekly £20 boostthat Universal Credit claimants will get for another six months.
How do I get it?

You do not need to apply to get the new payment.

HMRC will text you or send you a letter to confirm if you’re eligible for the payment.

If you’re eligible for the payment, you should automatically be paid by April 23.

You should receive it via the same method that you usually get your tax credits paid.

If the payment doesn't arrive, you can ask for help via the tax credits helpline on 0345 300 3900.

The Budget documents also confirmed that the government will continue
to treat working tax credit claimants who have been furloughed, or experienced a temporary reduction in their working hours, as working their normal hours.

This allows these claimants to remain eligible for Working Tax Credit rather than losing the benefit because the pandemic has impacted their earnings.

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