Newsletter September 2018

Help to Save Scheme

HMRC have provided contact information for those interested in taking part in trials of Help to Save accounts, which began with controlled groups of users in January 2018. Accounts are expected to become fully available by October 2018. 

Help to Save is a new government saving scheme to support working people on low incomes to build their savings. Over four years, regular savers can deposit up to £50 a month and could receive up to £1,200 in tax-free bonuses.

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; or

• claiming Universal Credit and have a household or individual income of at least £542.88 for their last monthly assessment period.

People living overseas who meet either of these eligibility conditions can apply for an account if they are a Crown servant or a member of the British armed forces (or the spouse or civil partner of either of these).

Once confirmed as eligible, individuals can start saving straight away. All transactions, including checking the balance and paying in savings, can be managed in an online account available through GOV.UK.

At the end of two years, savers will get a 50% bonus based on the highest balance achieved. They can carry on saving for another two years and get another 50% bonus on their additional savings.

Money paid into the account can be withdrawn at any time, but this could affect the size of the bonus payment.

Help to Save accounts will be available to all those who are eligible from October 2018. Accounts will be available to open for five years.

DATES TO REMEMBER:

1 September 2018- Due date for Corporation tax for companies with an accounting period ended 30 November 2017.

7 September 2018- Due date for filing and payment of VAT for the period ended 31 July 2018, unless you submit a paper return then the date is 31 August 2018.

Monthly Dates:

19th of the Month:

Due date for postal payments of PAYE, NIC and CIS deductions and on-line filing deadline for CIS300 monthly return to HMRC.

22nd of the Month:

Due date for electronic payments of PAYE, NIC and CIS deductions to HMRC.