£8.5 billion lost in unclaimed benefits

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December 17, 2012
Work-Life Balance
January 1, 2013

£8.5 billion lost in unclaimed benefits

A recent report by unbiased.co.uk has reported that failure to claim all available credits will mean UK taxpayers, low income families and pensioners will give up over £8.5 billion in the current tax year. Many people are not aware of what they are entitled to resulting in unnecessary tax overpayments and valuable benefits not claimed.

Many people are not aware of what they are entitled to resulting in unnecessary tax overpayments and valuable benefits not claimed.

Whilst some working parents claim the childcare voucher benefit through their employers, they may still not be aware that they qualify for child tax credits or working tax credits. The report continues to say that an estimated 3% of families will fail to claim their child benefit. With the average yearly amount not claimed per family totalling £829.47 this will result in a massive £394 million of child benefit which remains unclaimed. Working parents who may not be entitled to receive any benefits should speak to their employer about receiving childcare vouchers. To find out more on the childcare voucher benefit call the Early Years Vouchers team on 0845 0945 805 To read more on the report go to http://www.unbiased.co.uk/news/britons-miss-out-85-billion-tax-credits-and-other-benefits-15-8-2011-9457

LG August 11

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