t: 01633 240080,  f: 01633 240081

24 Bridge Street, Newport NP20 4SF

Help to Save scheme

Source: HM Revenue & Customs | | 26/02/2019

The Help to Save scheme for people on low incomes was officially launched in September 2018 and since then over 80,000 people have signed up. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax Credits to save up to £50 a month for two years and receive a 50% government bonus.

The scheme is also open to UK residents who are claiming Universal Credit and have a household or individual income of at least £542.88 for their last monthly assessment period. Payments from Universal Credit are not considered to be part of household income.

Payments under the scheme can be made by standing order on a weekly, fortnightly, or monthly basis and one-off payments by debit card are also possible. Account holders will then be able to continue saving under the scheme for a further 2 years and receive another bonus. This could see those on low incomes receive a bonus of up to £1,200 on maximum savings of £2,400 for 4 years from the date the account is opened. After the 4 years the Help to Save account will be closed and savers will not be able to reopen it or open another Help to Save account. The account balances are expected to be rolled over into successor accounts.

There are no limits on how the savings can be spent but it is advised that the money will be saved for urgent costs. Money paid into the account can be withdrawn at any time, but this could affect the size of the bonus payment. HMRC has also launched a new tool in the HMRC app that lets savers set their own savings goals and personal reminders, to keep on track and maximise bonuses using the scheme.



 

Latest News

  • Keep abreast of Brexit news

    19/03/2019 - More...

    As the Brexit date fast approaches, it seems the only thing we can say with any certainty is that uncertainty continues to plague the issue of our leaving the EU. The negotiations

  • Present tax-free company benefits

    19/03/2019 - More...

    The list of company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following: Meals: Free or

  • Changes to VAT IT systems if no-deal Brexit

    19/03/2019 - More...

    In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems. We

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

 

Copyright © 2019 Haasco Limited (Company registration 7030921). Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales (Firm C003118150). Indemnity insurer - Axis Speciality Europe SE (Policy 374997016)

Cookie Policy | Privacy Policy