Employees throughout the UK could miss out on £8.5 billion in tax credits and other “lifestyle” benefits, according to a new report.
unbiased.co.uk’s latest Tax Action report revealed that this year alone, £5.8 billion in child and working tax credits will go unclaimed.
Cash-strapped Brits, many of whom are tightening their purse strings, will miss out on benefits that they’re entitled to claim, tax credits which would go a long way to improving their quality of life.
Karen Barrett, chief executive of unbiased.co.uk, said: “With belts still tight in the current climate it has never been more pressing for entitled consumers to ensure they are making the most of the tax credits and benefits available to them.
“Whilst the July 31st deadline has passed, all is not lost, with the HMRC usually offering a 30-day extension to renew. People miss out on huge amounts by failing to claim child tax credit, child benefit and pension credits.”
She added that the system has been set up in such a way that it helps those who most need it and is really simple to understand.
“If you don’t claim your tax credit or benefit – it expires.”
The unbiased.co.uk portal is a free and confidential UK-wide search matching consumers with local professional advisers.