How will the bank holiday affect their payments? Will they arrive on time? Let’s break it down.
What are tax credits?
Tax credits are a government benefit designed to support individuals with lower incomes. They’re paid by HMRC and are gradually being replaced by Universal Credit. You can find out more about this, here.
There are two types of tax credits:
- Child tax credit (CTC)
- Working tax credit (WTC)
To qualify for one or both of these tax credits, you must:
- Be a UK resident
- Be a citizen of a European Economic Area (EEA) country and work in the UK
- Be a Crown Servant posted overseas
- Be a citizen of an EEA country living abroad, and receive a UK State Pension or contribution-based Jobseeker’s Allowance (JSA)
What is Child Tax Credit?
Child Tax Credit is available to those responsible for children under 16 (or under 19 if they’re in education). You don’t have to be working to claim it.
The amount you receive depends on how many children you’re responsible for and whether it’s a new claim. But heads up – you can only claim CTC if you already receive WTC.
Worried it might affect your Child Benefit? No need! If eligible, you can claim both.
What and how much you’re eligible to varies between individuals. To learn more about the criteria for Child Tax Credit, click here.
What is Working Tax Credit?
Working tax credit is given to support people who work but earn a low income.
So, what do you need to know? Here’s the lowdown:
- It doesn’t matter if you’re employed or self-employed
- It’s paid to you by HMRC
- You need to be 16 or older to qualify
- You can only claim WTC if you already get CTC
- You must work a minimum number of hours each week to be eligible
Curious about the details? Check out the government website, here, for more information!
When are HMRC payments normally made?
Great question! HMRC payments are made weekly or every four weeks.
Wondering which it will be? That’s up to you! When you fill out your claim form, you can choose whether you’d like to be paid weekly or every 4 weeks.
And here’s a little bonus – tax credits are typically paid into your bank account on a Monday. So, you can kick-start the week the right way!
When are bank holiday payments made?
If a bank holiday is coming up, HMRC will pay your tax credits earlier – usually the working day before. So, if you normally receive your payments on a Monday, you should receive them the Friday beforehand.
Check out the list below to see HMRC payment dates for the remaining bank holidays in 2024.
