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Daily Mirror
29-05-2025
- Business
- Daily Mirror
Nationwide announces £100 payments for millions
Nationwide has announced millions of customers will receive another round of £100 payments. The bonus cash is being distributed to over four million people through its Fairer Share scheme, which sees the building society share its profits with customers. The money will be paid directly into your Nationwide current account between June 18 and July 4. In order to get the payment, you need to have a qualifying current account, plus a savings account or mortgage with Nationwide. Your current account must have been opened on or before March 31, 2025. For savings accounts, you must have had at least £100 saved at the end of any day in March 2025. If you have a mortgage, you must have had at least £100 left to pay off on March 31, 2025. Nationwide will contact you by email or letter by May 30. Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Or sign up to the Mirror's Money newsletter here for all the best advice and shopping deals straight to your inbox. It marks the third round of Fairer Share payments from Nationwide. Last year, a total of £385million was paid out to 3.85 million customers after the building society announced profits of £2billion. In 2023, Nationwide distributed £340million to 3.4 million eligible members. Debbie Crosbie, Nationwide's Chief Executive, said: 'Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.' It comes after Nationwide sent a separate £50 thank you bonus to its customers earlier this year following its takeover of Virgin Money. A total of £600million was dished out to over 12 million members.
Daily Mirror
20-05-2025
- Business
- Daily Mirror
Millions of workers urged to check key code on document arriving in days
Millions of workers are being urged to keep an eye out for an important tax document. Your employer must issue your latest P60 by May 31, by post or electronically. Your P60 summarises your total pay and deductions for the tax year. It also contains your final tax code, and it is important you check this is correct in case you owe money to HMRC. Tax codes are made up of a series of numbers and letters and are assigned to you by HMRC based on the information it has on your income. But there are a number of reasons why it could be wrong - for example, if you recently changed jobs or if HMRC has been given incorrect information from your employer. Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Or sign up to the Mirror's Money newsletter here for all the best advice and shopping deals straight to your inbox. The code shows how much of your income is taken in tax, and everyone who is paid through PAYE has one. The most common code is 1257L for people who have one job or pension - although not everyone will be on this. If you have a second job, you may have a BR, D0 or D1 tax code, or if you have no personal allowance, you may have an 0T tax code. If you are exempt from paying tax, your tax code would be NT. Taxpayers in Wales will have a C tax code, and those who pay income tax in Scotland will have an S. Sarah Coles, personal finance expert at Hargreaves Lansdown, said: "It isn't always easy to get to grips with your P60, but the thing to look for is the final tax code. "If it's wrong, you could end up over-paying or under-paying your tax – either of which is a pain in the neck." has a free calculator that you can use to get a rough idea about whether your tax code is correct. If it looks like you've paid too much tax, then you can claim it back by contacting HMRC by calling 0300 200 3300, or through the HMRC app. You can claim back up to four additional years. But even if you think you have been overpaying for longer than this, it doesn't hurt to still contact HMRC. They may pay back further than four tax years under certain circumstances - for example, if it was their fault that you overpaid tax. For overpaid tax that doesn't relate to the current tax year, HMRC will send you a cheque in the post with your refund. If it turns out you've not paid enough tax due to an incorrect tax code, then you will have to pay this back. Don't let this put you off - it is better to sort this out sooner rather than later to avoid being hit with a bigger bill. You can try and get the tax written off if it was not your fault that you underpaid - but this is not a guarantee. You can do this by asking for an "Extra Statutory Concession" or an A19 from HMRC.
Daily Mirror
19-05-2025
- Business
- Daily Mirror
Martin Lewis issues ISA alert to all parents missing out on £1,000 boost
Money-saving guru Martin Lewis has responded to one parent's question about whether her 18-year-old daughter should open up a Lifetime ISA now that she's legally old enough to do so Swathes of parents could be missing out on a 'free' £1,000 bonus that could help their children get onto the property ladder. With soaring house prices, rising energy bills, and climbing council tax - owning your own home seems an impossible feat for many young people. However, speaking on his eponymously named BBC podcast, Martin Lewis explained how a Lifetime ISA (LISA) could help young Brits get the keys to their new pad. The money-saving guru was asked by mum Sarah, who has an 18-year-old daughter, when her child should open a LISA now that she is legally able to do so. "If your daughter plans to buy a first-time home and is pretty sure that she's going to do it and it's going to be a home that costs under £450,000 then putting money and saving money into a Lifetime ISA is really powerful," Martin replied. "You can put up to £4,000 a year and the state will add 25 per cent on top. In other words, if you max it out, the state will give you a grand on top of the four grand every tax year until you buy [a house]." While the LISA account might seem too good to be true, there are a few catches. Firstly, you need to be aged 18-39 to open an account, and it has to be open for at least one year before you can use it. Therefore, parents should be urging their children to open an account as soon as possible, which you can do with just £1. "The key problem is if you withdraw money from it for any other reason than buying the qualifying house - and qualifying means a house under £450,000, you'll be charged an effective penalty of 6.25 per cent," Martin warned. "Alternatively, you could leave it there until you're aged 60 and [then] you won't pay a penalty [for withdrawing the funds]." Martin went on to advise Sarah that if her daughter is likely to be buying a house in the next five-10 years, in an area where buying a £450,000 property is feasible, it may be worth opening the account ASAP. Again, this can be done with just £1. Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. NEWSLETTER: Or sign up to the Mirror's Money newsletter here for all the best advice and shopping deals straight to your inbox. Remember, you will pay a withdrawal charge of 25 per cent if you take money out of the LISA for any other reason than buying your first home (under the threshold), or after you've turned 60. Terminally ill people with less than 12 months to live can also withdraw money without a fee. "Assuming no growth, initial savings of £800 will earn a 25 per cent government bonus of £200 and give you a pot of £1,000," explained GOV UK. "If you wish to withdraw the entire pot, a 25 per cent charge will apply to the full £1,000. You'll have to pay a government withdrawal charge of £250. This will leave you with £750." As previously reported, some Brits have been hit with staggering penalties of up to £11,000 due to unauthorised withdrawals. This has lead to growing calls for the government to increase the LISA cap from £450,000 to £600,000 (the average home in London in August 2024 was £531,000) or scrap the 25 per cent penalty. "The high financial pressure of renting has made it difficult for people to save for their first homes, with first-time buyers increasingly well into their thirties and more likely to need family homes rather than classic starter flats," Rajan Lakhani, a spokesperson for money-saving app Plum, said. "In many parts of the country, this is simply unachievable for £450,000. By raising the property price limit to a more equitable £600,000, Rachel Reeves can empower first-time buyers to buy the properties they actually need without fear of being penalised." *This article does not constitute financial advice. Always read the full terms and conditions before opening any type of savings account.
