Latest news with #MyrtleLloyd
Daily Mirror
a day ago
- Business
- Daily Mirror
Universal Credit recipients eligible for up to £1,200 bonus
The scheme has already distributed millions in bonuses since it started, and now more people will qualify to sign up More than half a million people in the UK could benefit from a savings scheme that could see them get cash bonuses of up to £1,200. According to HM Revenue and Customs (HMRC) more people on Universal Credit are now eligible for the Help to Save scheme, which has been running for seven years. Now open to any qualifying working person receiving Universal Credit, an extra 550,000 people are eligible to start saving and earning sizable bonuses, which could amount to a total of £1,200 across four years. By prolonging Help to Save until April 2027, the initiative will enable more low-income earners to reap the rewards of the programme. As reported by the Daily Record, the scheme has already distributed millions in bonuses to over 500,000 participants since its initiation in 2018. A remarkable 93 per cent of account holders have consistently deposited the full £50 monthly into their Help to Save accounts. Economic secretary Emma Reynolds commented on the scheme: "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, commented: "Thousands of customers have already benefitted 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." Individuals can put away £1 to £50 monthly to earn an additional 50p for every pound saved, with rewards disbursed in the second and fourth year after opening the account. Withdrawals from the accounts are permitted anytime, although this might impact the size of the 50 per cent bonus, which is calculated based on the highest balance maintained in the account. Close to 18,500 users opened up a Help to Save account using the HMRC app in 2024. The app provides a platform for account holders to oversee their funds, inspect balances and bonuses, and deposit money using a debit card, bank transfer or standing order. Michelle Highman, chief executive of The Money Charity, expressed her enthusiasm regarding the scheme: "We are really pleased to see the Help to Save scheme extended and made available to more people. It's a brilliant way for people to start to save and to build their financial resilience and futures. "Saving even just a little each month will help, and the added 50 per cent bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings." Eligibility You're eligible to open a Help to Save account if you're on Universal Credit and your last monthly assessment period showed a take-home pay of £1 or more (this includes your partner's income if it's a joint claim). Your take-home pay is what you earn after deductions such as tax or National Insurance. If you receive payments as a couple, both you and your partner can apply for individual Help to Save accounts. However, each application must be made separately. Additionally, you need to be residing in the UK. If you're living abroad, you can still apply for an account if you're either a: Crown servant or their spouse or civil partner Member of the British armed forces or their spouse or civil partner. For further information and to set up your Help to Save account, visit the website here.
Daily Record
2 days ago
- Business
- Daily Record
People on Universal Credit could be due cash bonus of up to £1,200
More than half a million more people on Universal Credit are in line for the savings boost. Reasons your Universal Credit may be cut by DWP HM Revenue and Customs (HMRC) recently announced more than half a million more people on Universal Credit are in line for UK Government bonuses worth up to £25 per month to boost their savings pots and help ease rises in the cost of living. As part of the UK Government's mission to grow the economy, improve lives in every corner of the country and to deliver its Plan for Change, Help to Save is now open to anyone working and receiving Universal Credit, giving 550,000 more people the opportunity to save and earn a bonus, worth up to a maximum of £1,200 over four years. Its extension to April 2027 means more people on a low income can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018. Some 93 per cent of scheme users have paid in the maximum £50 every month to their Help to Save account. In Scotland, 36,050 people have paid in a total of £33,584,000 into their Help to Save accounts, since September 2018. An account can be set up in just a few minutes - you don't have to deposit any money straight away - and easily managed through or the HMRC app, making it accessible to people throughout the UK. Savers who deposit the maximum amount of £2,400 over four years will (£50 per month) receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year. 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 benefitted 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.' Savers can deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. Money can be withdrawn at any time, although this may affect the 50 per cent bonus payments. The bonus is determined by the highest amount held in the account. Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order. Michelle Highman, Chief Executive of The Money Charity, said: 'We are really pleased to see the Help to Save scheme extended and made available to more people. It's a brilliant way for people to start to save and to build their financial resilience and futures. 'Saving even just a little each month will help, and the added 50 per cent bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings.' Help to Save in a nutshell The Help to Save account is a state-operated scheme which millions of people on a low income, or claiming Universal Credit, could be eligible to join. In simple terms, for every £1 you put in you get a 50p bonus over a period of up to four years. However, you can also take the money out from the account at any time, but there's a catch - the bonus payout is based on the highest amount of money you put in. Even if you're not able to set aside money for savings at the moment, open an account anyway, while you are eligible to do so, because you don't have to put any money in. How payments work You can save between £1 and £50 each calendar month - you don't have to pay in every month. Payments can be made by debit card, standing order or bank transfer. You can pay in as many times as you like, but the most you can pay in each calendar month is £50. You can only withdraw money from your Help to Save account to your bank account. How bonuses work You get bonuses at the end of the second and fourth years - these are based on how much you have saved. Example: If you put £50 in each month for the first two years - a total of £1,200 - your first bonus payment would be for £600, even if you withdraw it all (but you would need to wait until the 24th month or the bonus payment would be less). Similarly, if you then add £50 for the next two years, you would receive another £600 payment. This means that in total, you could earn a free £1,200 and if you kept the money in or the whole four years, you would receive an impressive £3,600 when the account closes. What happens after four years? Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account. You can close your account at any time. If you close your account early you will miss your next bonus and you will not be able to open another one. Eligibility You can open a Help to Save account if you're receiving Universal Credit and you (with your partner if it's a joint claim) had take-home pay of £1 or more in your last monthly assessment period. Your take-home pay is your pay after deductions (such as tax or National Insurance). If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately. You also need to be living in the UK. If you live overseas, you can apply for an account if you're either a: Crown servant or their spouse or civil partner member of the British armed forces or their spouse or civil partner If you stop claiming benefits You can keep using your Help to Save account. Will it affect my benefit payments? You can continue to receive Tax Credits or Universal Credit while saving with Help to Save. For more information and to set up your Help to Save account, visit the website here.
Daily Mirror
3 days ago
- Business
- Daily Mirror
Young workers urged to download HMRC app
The HMRC app gives instant access to crucial information such as National Insurance numbers, tax codes and previous employer details - all essential when applying for seasonal work Young people have been urged to download a free app from HM Revenue and Customs to avoid a summer job meltdown. More than 1.2 million under-25s have already downloaded the HMRC app, which gives instant access to crucial information such as National Insurance numbers, tax codes and previous employer details — all essential when applying for seasonal work. The call comes as thousands of school leavers, college students and university graduates look to earn extra cash after finishing their exams. Between May and August last year, an average of 40,000 additional young people entered employment each month compared to the rest of the year. With work in hospitality, retail, leisure and even fruit picking expected to spike again this summer, officials say the app helps young jobseekers get ahead of the pack. Myrtle Lloyd, HMRC's Chief Customer Officer, said: 'Earning extra cash is important when young people have down time from studying. Downloading the HMRC app is a simple way to ensure they can apply for their job quickly and get on with earning extra cash.' The app provides immediate access to employment history, tax details, and the vital National Insurance number — the most commonly misplaced bit of information by young people starting work. More than 146,000 people contacted the National Insurance helpline in the year to April saying they'd lost or forgotten it. Ms Lloyd said: 'It's quicker and easier for individuals to access their NI number via the HMRC app. They can download it to keep it safely in their phone's digital wallet to use whenever it's needed.' Figures show nearly 90,000 under-25s used the app last year to download their NI number directly. The tax authority is also warning young people to keep their NI number secure and only share it with trusted parties, such as an employer, to reduce the risk of identity fraud. In addition, those starting jobs are being advised to check their payslips regularly to ensure they are being paid in line with National Minimum Wage laws. Anyone who believes they are being short-changed can report concerns to HMRC or the workplace mediator ACAS. The HMRC app has proven popular with young workers, boasting a 4.8-star rating on the Apple App Store and 4.6 on Google Play. Once registered, users can log in securely using facial recognition, a fingerprint, or a six-digit PIN. Those who don't yet have a Government Gateway ID may need to verify their identity using a passport or driving licence. The current National Minimum Wage hourly rates (as of April 1, 2025) are: Age 21 and over (National Living Wage): £12.21 Age 18 to 20: £10.00
South Wales Guardian
09-06-2025
- Business
- South Wales Guardian
HMRC gives out £632m Tax-Free Childcare to families
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 government's Plan for Change to put more money in people's pockets. HM Revenue and Customs (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, 54,020 families in London used the scheme to save on their annual childcare bills, an increase of 8,100 families compared to the previous March. Parents! 👪 Could you be missing out on up to £2,000 a year to help with childcare costs? Find out what you're entitled to here. 👇 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, says: '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.' For every £8 deposited in a Tax-Free Childcare account, the 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. Martin Lewis discussed it on his podcast last month, where he said: "Tax free childcare is where you can put money into an account held at and for every 80p you put in the state adds 20p on top, up to a maximum free money of £500 pounds coming from the state per quarter - with double for disabilities. And this is tax free childcare for children under the age of 11." Recommended reading Families could be eligible for Tax-Free Childcare if they: Visit to check eligibility and register for Tax-Free Childcare. Tax-Free Childcare can be used alongside the free childcare hours subject to eligibility.
Western Telegraph
09-06-2025
- Business
- Western Telegraph
HMRC gives out £632m Tax-Free Childcare to families
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 government's Plan for Change to put more money in people's pockets. HM Revenue and Customs (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, 54,020 families in London used the scheme to save on their annual childcare bills, an increase of 8,100 families compared to the previous March. Parents! 👪 Could you be missing out on up to £2,000 a year to help with childcare costs? Find out what you're entitled to here. 👇 — HM Revenue & Customs (@HMRCgovuk) May 23, 2025 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, says: '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.' How does tax-free childcare work? For every £8 deposited in a Tax-Free Childcare account, the 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. Martin Lewis discussed it on his podcast last month, where he said: "Tax free childcare is where you can put money into an account held at and for every 80p you put in the state adds 20p on top, up to a maximum free money of £500 pounds coming from the state per quarter - with double for disabilities. And this is tax free childcare for children under the age of 11." Recommended reading Families could be eligible for Tax-Free Childcare if they: Have a child or children aged 11 or under. They stop being eligible on 1 September after their 11th birthday. If their child has a disability, they receive up to £4,000 a year until 1 September after their 16th birthday The parent and their partner (if they have one) 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 Visit to check eligibility and register for Tax-Free Childcare. Tax-Free Childcare can be used alongside the free childcare hours subject to eligibility.
