HMRC warns millions of parents have just weeks to avoid losing £1331 a year

GCSE results day is just around the corner on August 22 and is that huge moment for students across the nation as they discover if they've achieved the grades necessary for their next phase of their life. However, for parents, it could signify a loss of £1331 annually.

Over a million letters will be sent out in the coming weeks to prompt parents to update HM Revenue and Customs (HMRC) about their child's future plans. Next month, child benefit payments from the taxman will cease for 1.4 million parents, as it automatically terminates in the August following their 16th birthday.

This has led HMRC to caution parents "don't lose out" by neglecting to inform them if their child will continue with education or training. For money-saving tips, sign up to our Money newsletter here

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Parents can still receive the benefit until their child turns 19, provided they continue learning through an approved apprenticeship or further education scheme. This financial uplift is valued at £25.60 per week for your first child and £16.95 for each subsequent child, so responding to the HMRC letter is crucial, or you won't receive a payment in September.

The quickest method to update this information is via the HMRC app, which can also be used to find your National Insurance number and fill in any gaps in your tax record. The letter also contains a QR code that directs you to a page where you can update your child's details, although you'll need your Government Gateway log-in to access these services, the Mirror has reported.

Parents are reminded that the deadline to provide necessary information to HMRC is August 30, with final reminder letters being dispatched on July 17. However, for those whose children are completing their GCSEs this year, there's no need to wait for exam results before updating HMRC.

Myrtle Lloyd, HMRC's director general for customer services, emphasised the importance of child benefit: "Child Benefit is an important financial support for many families, so make sure you don't miss out on any payments if your teenager intends to continue approved education or training."

She also provided guidance on how to maintain the benefit: "You can quickly and easily extend your claim online or via the HMRC app, just search 'Child Benefit when your child turns 16' on GOV.UK." In a potential financial boost for larger families, new Prime Minister Keir Starmer has hinted at the possibility of scrapping the Conservative two-child limit on child tax credits, which could significantly increase the £1331 payment.

HMRC says that child benefit can continue to be paid for children who are studying full time in approved non-advanced education, which includes:

• A levels or Scottish Highers

• International Baccalaureate

• Home education - if it started before their child turned 16, or after 16 if they have a statement of special educational needs and it was assessed by the local authority

• T levels

• NVQs, up to level 3.

Child Benefit will also continue for children studying on one of these unpaid approved training courses:

• In Wales: Foundation Apprenticeships, Traineeships or the Jobs Growth Wales+ scheme

• In Northern Ireland: PEACEPLUS Youth Programme 3.2, Training for Success or Skills for Life and Work

• In Scotland: Employability Fund programme and No One Left Behind