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We understand that your business
never stands still. It's constantly
growing and shifting - and we're
prepared to move with you.

Working with us means you always
have the firepower you need
- a qualifed team of professionals
working for you and your business.

We know that not everyone is the
same. We tailor our approach
to each individual client to
ensure their needs are met.

Has your business lost its way?
We will show you which direction
to take and make sure you
stay on the right track.

Help-to-Save accounts go live

Newsletter issue - October 2018.

Many people on low incomes who wish to build up a savings pot can now register for a government-incentivised Help-to-Save account. The launch of the new account follows an eight-month trial, with over 45,000 customers who deposited over £3 million.

The new scheme is easy to use, flexible and secure, will help those on low incomes build up a 'rainy day' fund, and encourage savings behaviours and habits. How much is saved and when is up to the account holder, and they don't need to pay in every month to get a bonus.

The scheme, administered by HMRC, will be open to UK residents who are:

  • entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments;
  • claiming Universal Credit and have a household or individual income of at least £542.88 for their last monthly assessment period (though note that payments from Universal Credit are not considered to be part of household income);
  • People living overseas who meet either of these eligibility conditions can apply for an account if they are:
    • a Crown servant - or their spouse or civil partner;
    • a member of the British armed forces - or their spouse or civil partner.

Account holders can save between £1 and £50 every calendar month and accounts last for four years from the date the account is opened. After two years, savers get a 50% tax-free bonus on savings. If saving continues there is another 50% tax-free bonus after four years.

On maximum savings of £2,400 over 4 years, the overall bonus would be £1,200. To apply, savers can visit www.gov.uk/helptosave or use the HMRC app. Opening an online account should be straight-forward and take less than five minutes.

 

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