Today, I want to talk about something that is important for many of us, money. Mainly, we are going to talk about the extra help that the government is giving to people who receive tax credits.
This help is called the “Cost of Living Payment,” and it is designed to make life easier when prices for things like food and bills go up. Here is more about when is the next cost of living payment:
What is This Payment All About?
So, the government has announced that they are giving out a special payment to help with the rising cost of living. If you are someone who gets tax credits, you might be able to get this extra cash. The best part? You do not even have to fill out any forms or apply, if you are eligible, you will get the money automatically.
How Much Money Are We Talking About?
We are looking at three payments that add up to a total of £900. That is a lot of help. The most recent payment is £299, and it is the third one in the series. If you are eligible, you should have received it by now.
Who Gets This Payment?
If you are getting tax credits and you meet certain conditions, you could be in for this extra help. However, remember, it is only for those who get tax credits and no other qualifying benefits.
What are the conditions to be eligible for this payment?
To be eligible for the Cost of Living Payment as a tax credit claimant in the UK, you need to have received a payment of tax credits for any day within specific periods. Here is a simple breakdown:
- For the £299 payment, you should have received tax credits for any day between November 13, 2023, and December 12, 2023.
- For the £300 payment, eligibility required receiving tax credits for any day between August 18, 2023, and September 17, 2023
- For the £301 payment, you needed to have received tax credits for any day between January 26, 2023, and February 25, 2023.
Remember, these payments are automatic, so if you are eligible, you should have received them without needing to do anything. If you think you have missed a payment, it is best to check after the payment period ends. Moreover, watch out for scams, you do not need to apply or give out personal information to receive these payments.
When is the next cost of living payment?
The payments were sent out between February 16 and 22, 2024. So, if you were supposed to get one, it should have landed in your bank account by now. Keep an eye out for something labelled ‘HMRC COLS’ that is your clue that the payment has arrived.
What If You Did not Get the Payment?
Do not worry. If you think you should have gotten the payment but did not see it in your account, you can reach out to HMRC after February 23, 2024. They will help you figure out what is going on.
Is there a deadline for claiming this payment?
The Cost of Living Payment for tax credit claimants in the UK is designed to be automatic, so there is no need to apply or claim it by a specific deadline. If you are eligible, you should receive the payment automatically. However, if you believe you were eligible and did not receive the payment, you can report a missing payment.
For the £299 payment, for instance, you should have been entitled to a payment of tax credits for any day in the period from November 13, 2023, to December 12, 2023, to be eligible. If you were eligible but did not receive it, you can contact HMRC for assistance after the payment period.
What about the scams
Here is a heads up, there are some naughty people out there trying to trick folks with fake messages about these payments. If you get a message asking you to apply or give out personal information, be careful. It could be a scam. Always check the official government website to make sure any contact is legit.
Conclusion
To wrap it up, the Cost of Living Payment is a helping hand from the government for those who need it. It is a simple, no-fuss way to get a little extra cash to cover the rising costs of everyday life. If you are eligible, you have probably already got it, and if not, just give HMRC a shout.
FAQs
Who is eligible for the Cost of Living Payment?
You may be entitled to the payment if you receive any of the following on the following dates:
- Income-based Jobseeker’s Allowance (JSA)
- Income-related Employment and Support Allowance (ESA)
- Income Support
- Pension Credit
- Universal Credit
- Child Tax Credit
- Working Tax Credit
How much is the Cost of Living Payment?
Eligible individuals may receive up to three payments totalling £900, divided into amounts of £301, £300, and £299.
When is the next cost of living payment?
The final cost-of-living payment of £299 is scheduled to be disbursed between 6th and 22nd February 2024.
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