Search news archive

 

 

t: 023 80 254 900

f: 023 80 254 906 

e: info@dtlimited.co.uk--------------91 Lakewood Road, Chandlers Ford, Eastleigh, SO53 5AD

Help to Save scheme

Source: HM Treasury | | 24/10/2018

The Help to Save scheme for people on low incomes was officially launched in September 2018 following an 8-month trial. 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 money used can be spent but it is hoped 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 Money paid into the account can be withdrawn at any time, but this could affect the size of the bonus payment.



 

Latest News

Topping up your self-employed NIC contributions
13/03/2019 - More...
In many circumstances it can be beneficial to make voluntary Class 2 National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New

Lost your Unique Tax Reference number?
13/03/2019 - More...
Your Unique Taxpayer Reference (UTR) identifies your tax records at HMRC. The number is also known as your taxpayer number or tax reference number and should be used whenever you

Treatment of deposits for VAT purposes
13/03/2019 - More...
As a general rule, most deposits made by customers serve as advance payments and create a VAT tax point when the deposit is received. It is important that businesses ensure that

What are the badges of trade?
13/03/2019 - More...
The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side

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 - David Tilsley Limited
Cookie Policy |  Privacy Notice
Home     About us   Contact us