Latest news with #MyrtleLloyd
Daily Mirror
2 days ago
- Business
- Daily Mirror
Universal Credit recipients missing out on £25 bonus
The Help to Save account has been extended to April 2027, potentially earning people more than £500 HMRC has announced an extension to the Help to Save account until April 2027, a government initiative designed to encourage those on Universal Credit earning £1 or more each month to save money. The scheme allows people to save up to £50 per month, with the government providing a monthly top-up based on the amount saved. If the maximum £50 is put away, the bonus will be £25 from the government each month, according to the Daily Record. More than half a million people are already set to receive the bonus and it's estimated that thousands more are eligible to open an account. Among current account holders, 93% consistently save the maximum £50 each month. Although the bonus is calculated monthly, it is distributed as two tax-free bonuses over a four-year period. These bonuses are determined by the highest balance saved during the first two and last two years of the account. The maximum contribution to the account each calendar month is £50, totalling £2,400 over four years. The maximum bonus that can be earned from savings over this period is £1,200. After four years, the account will close, but if still eligible, another Help to Save account can be opened. However, closing the account prematurely will prevent the opening of another one. If your benefits stop, the Help to Save account can continue to be used until its closure. Setting up an account takes just a few minutes if you meet the criteria, and there's no requirement to make an immediate deposit. The process can be completed entirely online through or via the HMRC app. You'll need several documents to hand when applying, including a current UK passport, details from your credit history, and your banking information. Funds can be withdrawn from the account whenever necessary. However, failing to increase your highest balance between the initial and second payment means you'll miss out on the final bonus. The bonus payment goes directly to your regular bank account rather than into your Help to Save account. Economic Secretary Emma Reynolds commented: 'Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.' Myrtle Lloyd, HMRC's Director General for Customer Services, added: 'Thousands of customers have already benefited from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.' The Help to Save scheme was first launched in September 2018 and was originally scheduled to conclude in September 2023. In April 2025, the programme received an extension until April 2027. To qualify for a Help to Save account, you must be a recipient of Universal Credit and have earned at least £1 in take-home pay during your most recent monthly assessment period. Additionally, you must reside in the UK unless you're a Crown servant or a member of the British armed forces. It's important to bear in mind that due to the Universal Credit eligibility requirements, any funds in a Help to Save account contribute towards the £6,000 savings cap imposed on recipients. However, as long as you stay within this limit, the account won't impact your benefit payments.
Wales Online
2 days ago
- Business
- Wales Online
Half a million Universal Credit claimants due £25 cash boost
Half a million Universal Credit claimants due £25 cash boost The account is exclusive to people receiving Universal credit and earning £1 or more per month Thousands may not realise they're eligible for the account which can add a £25 boost every month (Image: GETTY ) HMRC has confirmed that the Help to Save account will be extended to April 2027. It's a savings account exclusively for people on Universal Credit earning £1 or more each month. It allows people to save up to £50 per month, and the government adds a top-up each month depending on how much you save. If you save the maximum, the bonus will add £25 back into people's pockets each month, according to the Daily Record. More than half a million people are already in line for the bonus and the government estimates thousands more are still eligible to open the account. Of those already saving into the account, 93% put away the maximum £50 every month. The bonus is compiled each month but is paid out in two tax-free bonuses over four years. The bonuses are based on the highest balance you saved during the first two and last two years. The most you can pay into your account each calendar month is £50, which is £2,400 over 4 years. The most you can earn from your savings in 4 years is £1,200 in bonus money. After four years, the account will close, but you can open another Help to Save account if you're still eligible. However, if you close your account early, you won't be able to open another one. If your benefits stop, you can keep using your Help to Save account until it closes. Article continues below It takes a few moments to open the account if you're eligible and you don't have to deposit any money straight away. It can be opened and managed through or the HMRC app. You'll need some documents to open the account, including a valid UK passport, information on your credit record and your bank details. You can still withdraw money from the account if you need it at any time. However, if your highest balance doesn't increase between the first and second payment, you won't get a final bonus. The bonus will be paid into your bank account, not your Help to Save account. Economic Secretary Emma Reynolds said: 'Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.' Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Thousands of customers have already benefited from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.' Help to Save was initially launched in September 2018 and was meant to end in September 2023. In April 2025, it was extended to April 2027. To be eligible for a Help to Save account, you must be receiving Universal Credit and have £1 or more in take-home pay during your last monthly assessment period. You must also be living in the UK unless you are a Crown servant or member of the British armed forces. Article continues below It's important to note that because of the Universal Credit eligibility criteria, Help to Save counts as part of the £6,000 savings limit applied to recipients. But if you steer clear of this limit, the account won't affect your benefit payments.
Daily Record
7 days ago
- Business
- Daily Record
Parents urged to claim tax-free top-up to help with childcare costs over summer holidays
HMRC's tax-free scheme can help parents pay for childcare costs over the school holidays. How to apply for Tax-Free Childcare and 30 hours childcare Nearly 826,000 working families saved up to £2,000 per child with Tax-Free Childcare in the 2024 to 2025 tax year. The money helps families pay for their childcare, as part of the UK Government's Plan for Change to put more money in people's pockets. HM Revenue and Customs (HMRC) figures also show that in March 2025, 36,095 families in Scotland used the scheme to save on their annual childcare bills, an increase of 4,925 families compared to the previous March. HMRC is encouraging those yet to sign up for Tax-Free Childcare, to do it now and give their summer plans a financial boost. Latest figures from HMRC show in March 2025, 579,560 families in the UK used the scheme to save on their annual childcare bills, an increase of 81,770 families compared to the previous March. Working families who sign up to Tax-Free Childcare can boost their annual budget by up to £2,000 per child up to the age of 11 or up to £4,000 up to the age of 16 for a disabled child. Parents can use the scheme to help towards the cost of approved childcare whether that's nursery for younger children, or for older children - wraparound or after school care clubs during term time or holiday clubs for the long summer holidays ahead. Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Summer can be an expensive time if you have children. Whatever you're planning, Tax-Free Childcare can give your plans a welcome financial boost. Go to to start saving today.' Andrew Bartlett, chief executive of Advice Direct Scotland, said: 'It is good news that more families are making use of this support, which can provide real help at a time when household budgets are stretched by the cost-of-living and energy crisis. But many parents are still missing out, often because they are unsure how the scheme works or whether they qualify. 'With schools breaking up, it's vital that families check their eligibility and sign up so they can get the help they need to cover childcare costs over the summer. 'Our free, impartial service at is here to help anyone who is worried or confused about Tax-Free Childcare or any other tax matter. People can visit or call 0800 756 3381 for support.' Tax-Free Childcare in a nutshell For every £8 deposited in a Tax-Free Childcare account, the UK Government tops it by £2, which means parents can receive up to £500 (or £1,000 if their child is disabled) every three months towards paying for their childcare costs. Once families have opened a Tax-Free Childcare account, they can deposit money and use it straight away or keep it in the account to use it whenever it's needed. Any unused money in the account can be withdrawn at any time. HMRC said it takes just 20 minutes to apply online for a Tax-Free Childcare account. Once an account is opened, parents can deposit money and use it straight away or keep it in the account to use it whenever it's needed. Any unused money in the account can be withdrawn at any time. Eligibility for Tax-Free Childcare Families could be eligible for Tax-Free Childcare if they: Have a child or children aged 11 or under. They stop being eligible on September 1 after their 11th birthday. If their child has a disability, they may get up to £4,000 a year until September 1 after their 16th birthday Earn, or expect to earn, at least the National Minimum Wage or Living Wage for 16 hours a week, on average Each earn no more than £100,000 per annum Do not receive Universal Credit or childcare vouchers A full list of the eligibility criteria is available on here. Financial support for parents in Scotland Social Security Scotland delivers five family payments which can help pay for extra school term expenses alongside everyday family costs like food, clothing and days out. Scottish Child Payment is a weekly payment of £27.15 for eligible families with children up to the age of 16 - the payment is worth £108.60 every month and is only available north of the border. Combined with Child Benefit payments from HMRC, parents could be due up to £212.20 each month in additional support. Child Benefit is a separate UK-wide payment worth £26.05 for the eldest or only child and is also paid every four weeks, amounting to £104.20. The three Best Start Grant payments and Best Start Foods, also part of social security support, are designed to help families at key stages in their children's early years, including during pregnancy. There is no cap on the number of children in one family who can receive these payments. One-off payments for families Best Start Grant Pregnancy and Baby Payment - one-off payment of up to £767.50 available after 24 weeks of pregnancy until a baby turns 6 months. Best Start Grant Early Learning Payment - one-off payment of £319.80 to help with the costs of early learning when a child is between two, and three years and six months. Best Start Grant School Age Payment - one-off payment of £319.80 to help with the costs of starting school available between June 1 and the last day in February in the year when a child is first old enough to start primary one. Best Start Foods - up to £43.20 every four weeks from pregnancy up to when a child turns three to help buy healthy food, milk and first infant formula.
Daily Record
01-07-2025
- Business
- Daily Record
HMRC urges people earning money through side hustles to sort out tax returns now
If you earn more than £1,000 from additional income, you may need to register for Self Assessment. Income tax rises for Scots in April - how the changes affect you Anyone earning extra income through a side hustle is being urged to check if they need to register for Self Assessment and if so, file their tax return now. HM Revenue and Customs (HMRC) is encouraging people with additional income streams - from online selling and content creation to dog walking and property rental - to understand their tax obligations and get ahead of the January deadline rush. HMRC said the £1,000 income threshold is key - anyone who earns more than this from their side hustle in a tax year may need to register for Self Assessment and complete a tax return. This includes gains or income received from cryptoassets. Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on to find out. New entrants to Self Assessment must register to receive their Unique Taxpayer Reference. Easy-to-use guides for side hustlers can be found on here. Myrtle Lloyd, HMRC's Director General for Customer Services, said: "Whether you are selling handmade crafts online, creating digital content, or renting out property, understanding your tax obligations is essential. If you earn more than £1,000 from these activities, you may need to complete a Self Assessment tax return. "Filing early puts you in control - you will know exactly what you owe, can plan your payments, and avoid the stress of the January rush. You don't need to pay immediately when you file - you have until 31 January to settle your tax bill." The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is January 31, 2026. Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026. This will require digital record-keeping and quarterly updates using compatible software. The full guide to paying tax if you're earning more than £1,000 on a side hustle can be found here. Online petition A new online petition is calling for the basic rate of tax to be cut from 20 per cent to 10 per cent for all workers earning less than £50,000 per year. Petition creator Holly Millar is also urging the UK Government to increase the Personal Allowance from £12,500 to £15,000. The petition, posted on the Petitions Parliament website, states: 'We believe many are struggling financially. In our view, prices are too high, food and basic necessities cost too much, bills are increasing, people are having to choose between having a warm house or food. 'We believe young people can't afford to live independently as this could due to the current Personal Allowance. We believe the government needs to start thinking about the public and their needs.' The Personal Allowance has been frozen at £12,570 since the start of the 2021/22 financial year, however, earlier this year the UK Government announced it will rise with inflation from April 2028. At 10,000 signatures of support the petition will be entitled to a written response from the UK Government. At 100,000 it would be considered by the Petitions Committee for debate in Parliament.
Daily Record
01-07-2025
- Business
- Daily Record
Child Benefit payment warning to parents ahead of important deadline next month
Some parents will need to update their claim if their child is continuing in full-time education. HM Revenue and Customs (HMRC) is sending reminder letter to parents of teenagers aged between 16 and 19-years-old between now and July, urging them to extend their Child Benefit claim before a crucial deadline next month, or payments will automatically stop. Payments will end on August 31, 2025 if the online account is not updated to extend the claim. Those who need to update it include parents with teenagers continuing their education or training after their Scottish Nationals. Parents can extend their claim quickly and easily via the HMRC app or online on The letters also contain a handy QR code which takes parents straight to the digital service on Child Benefit is worth £26.05 per week - or £1,354.60 a year - for the eldest or only child and £17.25 per week - or £897 a year - for each additional child. More than 870,000 parents extended their Child Benefit claim for their teen last year with the majority confirming online or via the HMRC app in minutes. Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Child Benefit is an important boost to families. As soon as you know what your teenager is planning to do, extend your claim in minutes to guarantee your payments continue in September. Simply go to or the HMRC app to confirm today.' 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: Scotland: Employability Fund programme and No One Left Behind Wales: Foundation Apprenticeships, Traineeships or the Jobs Growth Wales+ scheme Northern Ireland: PEACEPLUS Youth Programme 3.2, Training for Success or Skills for Life and Work If a child changes their mind about further education or training, parents can simply inform HMRC online or in the app and payments will be adjusted accordingly. If either the claimant or their partner has an individual income of between £60,000 and £80,000, the higher earner will be subject to the High Income Child Benefit Charge. For families who fall into this category, the online Child Benefit tax calculator provides an estimate of how much benefit they will receive, and what the charge may be. From this summer, as part of the UK Government's Plan for Change, families will have the option to use a new digital service to pay the charge directly through their PAYE tax code instead of filing a Self Assessment tax return. The new service will cut red tape for eligible employed parents who are liable to the High Income Child Benefit Charge but those who choose to pay the charge through their Self Assessment can continue to do so. Families who have previously opted out of Child Benefit payments can opt back in and restart their payments quickly and easily online or via the HMRC app. Teenagers turning 16 can take control of their Child Trust Fund savings account, which could be worth thousands of pounds, and can withdraw the money once they turn 18. Child Trust Funds were set up for every child born between 1 September 2002 and 2 January 2011. If teenagers or their parents and guardians know who their Child Trust Fund provider is, they can contact them directly. If they don't know where their account is, they can use the free online tool on to find out who their Child Trust Fund provider is. Scottish Child Payment Scottish Child Payment is a weekly payment of £27.15 for eligible families with children up to the age of 16 - the payment is worth £108.60 every month and is only available north of the border. Combined with Child Benefit payments from HMRC, parents could be due up to £212.80 each month in additional support. Child Benefit is a separate UK-wide payment, which is also issued every four weeks and amounts to £104.20 every payment period for the eldest or only child or £69.00 for every additional child. Parents, carers and guardians can get more information about financial help on the dedicated Children and Family section on here or by calling Social Security Scotland free on 0800 182 2222.
