Over a million families on tax credits can expect to receive their second cost of living payment on Wednesday. 

The payment of £324 will be paid automatically into bank accounts for those that are eligible and could be paid in over the next week. 

It's part of the government's £37 billion cost of living package created to help support households, which includes the £400 help towards energy bills.

HMRC's Deputy Chief Executive and Second Permanent Secretary Angela MacDonald said: "This second Cost of Living Payment will provide further financial support to eligible tax credit-only claimants across the UK.

"The £324 will be paid automatically into bank accounts, so people don’t need to do anything to receive this extra help."

The payment is expected to help out more than eight million homes that will receive the cash boost by November 30. 

Previously, those eligible received their first payment back in July or September.

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Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living.

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