Did You Meet The Tax Credit Deadline?
While the deadline for renewing tax credits was the 31st July it seems that literally hundreds of thousands of people were unable to get through on the helpline and may see their income slashed for the next 12 months. Failure to renew a tax claim prior to the 31st July will see all over payments reclaimed automatically and any previous arrangements cancelled.
Since being introduced back in 2003 the system has paid out in excess of £60 billion but 5 years later the system is still no where near perfect. Overpayment errors are still rife, records are often left updated and many claimants have been left with little or no income because of system errors. The tax credits system is a well based idea but it has become something of a fraudsters dream with literally billions of pounds paid out on bogus claims.
In many cases the fraudsters are escaping attempts to reclaim the money leaving genuine claimants, who may have received funds in error, to take the heat. Political pressure in this area has seen literally billions of pounds thrown at the system but there has been little or no real return on investment. The system is still in disarray in many areas and the fact claimants could not renew their claims through no fault of their own is sure to hit the headlines over the weeks and months ahead.
Share this..
Related stories
Is there an employment freeze in the banking sector?
Over the last couple weeks, despite the many positive headlines, it is becoming more and more apparent that the banking arena, both high street banking and investment banking, in the UK is coming under pressure. Unofficially many believe that Barclays Bank, Credit Suisse and Royal Bank of Scotland (to name but a few) have put in place an unofficial freeze on recruitment. So why is the banking sect...
Read MoreHelp to Buy – What is it?
We take a look at the new Help to Buy scheme, proposed by the Chancellor in the recent Budget. The scheme is aimed at boosting the housing market, by allowing people to get onto, or move up the housing ladder. But how is this achieved?
There are two different parts to the Help to Buy scheme. These are the ‘equity loan’ scheme and the ‘mortgage guarantee’ scheme.
Help...
Read MoreAndrew Sentance repeats call for UK rate rise
Andrew Sentance has again repeated his call for an increase in UK base rates with concerns regarding the strength of inflation in the UK. Despite the fact he is outnumbered, as the sole MPC member in favour of a UK base rate rise at this stage of the economic cycle, he continues to repeat his thoughts and hopes for the future. So is Andrew Sentance right? While there's no doubt that if inflatio...
Read MoreWhat about the savers?
As the UK government steps forward yet again to bail out the banking sector with billions upon billions of UK taxpayers money there is serious concern that savers are becoming something of an irrelevance to the UK government. Despite repeated promises to look at the situation of savers, many have seen their income streams obliterated over the last few months and more and more older people are havi...
Read MoreAlistair Darling under pressure over expenses
Alistair Darling today faces claims that he submitted an invoice for service charges on his south London flat which he had rented out to tenants. The accusation of the claim for expenses on his flat while also taking living allowances on his grace and favour home in Downing Street is a bitter blow for the Chancellor. While he has vehemently denied all claims he appears to be one of the main target...
Read More