There is a new scheme available to help individuals save.
Could your employees be eligible?
Individuals may be eligible if any of the following apply:
Help to Save is backed by the government so all savings in the scheme are secure.
Individuals can save between £1 and £50 each calendar month. They do not have to pay money in every month.
For every £1 that the individual saves over 4 years they get a bonus of 50p.
After the first 2 years, the first bonus is paid in to a bank account. This bonus will be 50% of the highest balance that has been saved.
After 4 years, the final bonus is paid. This bonus will be 50% of the difference between 2 amounts:
If the highest balance does not increase, then a final bonus will not be earned.
The most that can be paid in to the account over 4 years is £2,400. Therefore the maximum bonus is £1,200.
How do individuals apply? By logging in / creating an account on https://www.gov.uk/get-help-savings-low-income
It is the recommendation of HMRC that all individuals create an online personal tax account. Employees can use their personal tax account to:
More services will be added in the future.
To create a Personal Tax Account individuals should go to https://www.gov.uk/personal-tax-account