If you haven’t renewed your tax credits claim, the deadline is 31st July. If you fail to do so then your payments will stop, warns HM Revenue and Customs.

The time to renew tax credits or update any information held by HM Revenue and Customs has returned. The deadline to renew your tax credits will be 31st July.

If you need to update any details however you must do this urgently. Such details include your payslips, end of year P60 form and details of your childcare arrangements. These can be modified by calling the tax credits helpline on 0845 300 3900.

Many shy away from renewing their tax credits, however the renewing process is pretty straight forward and it’s worth doing as you could be owed money.

If you need encouraging it may be worth knowing that £2.9 billion of ‘free money’ is up for grabs from HMRC and the DWP, in the form of Pension Credits, Child Tax Credits and more.

“If you’re receiving tax credits, don’t leave renewing until the last minute. Get it sorted out now, so we can make sure you’re getting the right money,” adds Sarah Walker, HMRC Director of Benefits and Credits.

For more advice visit: taxcredits.direct.gov.uk

For the top tax planning saving tips go to: Tax Planning Tips