D T Logo White

HM Revenue & Customs (HMRC) - Help to Save

| Duncan & Toplis | 16 March 2019

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:

  • receiving Working Tax Credit
  • entitled to Working Tax Credit and receiving Child Tax Credit
  • claiming Universal Credit and your household earned £542.88 or more from paid work in your last monthly assessment period

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:

  • the highest balance saved in the first 2 years
  • the highest balance saved in the last 2 years

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

Online Personal Tax Account

It is the recommendation of HMRC that all individuals create an online personal tax account. Employees can use their personal tax account to:

  • check their Income Tax estimate and tax code
  • claim a tax refund
  • check and manage tax credits
  • check their State Pension
  • track tax forms that have been submitted online
  • check or update their Marriage Allowance
  • tell HMRC about a change of address
  • check or update benefits they get from work
  • find their National Insurance number

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

Share

Share on LinkedIn Share on Facebook Share on Twitter Share via Email
Processing...
Thank you! Your subscription has been confirmed. You'll hear from us soon.
Sign up for our emails
ErrorHere