Published On: Thu, Jul 11th, 2019

Martin Lewis: Money Saving Expert issues tax credit deadline warning – how to claim

Martin Lewis often opens up to share his tips on how to get the best deal. Today, he spoke on Good Morning Britain to issue an urgent warning for anyone looking to claim tax credit. Those wanting to sign up for this or renew this must act fast as the deadline is fast approaching. The expert also told Britons about a new top paying lifetime ISA.

Martin told viewers they must renew their credit before Wednesday 31 July or they could risk having to pay back credit.

He explained: “If you fail to renew, your credits could be stopped, or you could end up being overpaid, which sounds good, but can be a nightmare, as you’ll need to pay it back.

“You also need to check it even if you don’t want to claim it anymore as you’ll still need to check if you were correctly paid for the last year. If you receive universal credit you won’t receive this letter.

“If you haven’t yet been rolled onto universal credit, you’ll continue receiving tax credits until you’ve a change in circumstance or until it’s rolled out to you.”

How this is done depends on the colour underneath the address and reference number on the form, the expert explained.

Red Line on your ‘Declaration’ form

Martin said: “Here, you must check all the details on the form are correct, and answer a few assessment questions. Then you must sign it and send it back, or tell it online, on the app, or call it.”

Black line on your ‘Review Notice’ form

He said: “This is just a statement for you to look through and indicate if anything has changed. If it’s correct, you don’t need to do anything – your credits will be automatically renewed.

“If you’ve changes, you must call the hotline or report it online, as doing nothing could mean you get the wrong amount next year.”

The Money Saving Expert spoke about a new top paying cash lifetime ISA which will help first-time buyers.

He said: “LISAs were first launched in June 2017, and is a no-brainer for anyone saving for their first property.

“For every £1 you put in the state adds a massive 25 per cent bonus to your mortgage deposit savings, up to £32,000.

“Yet since its launch, only a few providers actually released LISA products – with the top payer from Newcastle BS at 1.1 per cent AER.

“Now app-based MoneyBox has launched a new top cash ISA, paying 1.4 per cent AER variable.”

To find out which ISA is best for you, there is more information in Martin’s Lifetime ISA guide

Earlier this week, Martin spoke on This Morning to reveal how to claim thousands from PPI.

Source link

Most Popular News

Safe Water