Latest news with #MyrtleLloyd
Daily Record
20-05-2025
- Business
- Daily Record
People on Universal Credit could be due cash bonus of up to £25 a month
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) has announced more than half a million more people on Universal Credit are in line for UK Government bonuses worth up to £25 a 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.' Find out more about Help to Save at 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.
Edinburgh Live
18-05-2025
- Business
- Edinburgh Live
HMRC letters to be sent to parents claiming Child Benefit for 16 year olds
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Parents receiving Child Benefit for their 16-year-old children are being advised by HMRC that they risk losing these payments unless they act. Those claiming the benefit have been informed that if their children are continuing in education or enrolling in approved training programmes, they will be required to provide updated details prior to August 31 in order to extend the claim. Presently, 7.62 million households within the UK are recipients of Child Benefit. It amounts to £26.05 per week or £1,354.60 per year for the first child or only child and £17.25 per week or £897 a year for an additional child. It is standard for the claim to be accessible if you are caring for a child below 16 years but individuals may continue claiming up until the child turns 20. Once a child reaches 16, a notification needs to be sent to the government if you are planning to make a continued claim. The cut-off date of August is important, reports the Manchester Evening News. Eligibility to continue the claim is provided by the child carrying out "approved" education and training which will exceed a total of 12 hours each week. For example, levels A, levels T, Scottish advanced higher and NVQ are types of qualifications which might be covered. Traineeship opportunities are further included. In addition, home schoolers can benefit too. Parents who claim Child Benefit are being advised to act swiftly where necessary. They must update their benefit information before 31 August to avoid losing their claim. Eligibility, however, is forfeited if your child enrols in an advanced course like a university degree, BTEC Higher National Certificate, or intermediate/advanced apprenticeship. For those children continuing in approved education, inform HMRC before the cut-off date. Following the completion of the approved education or training, Child Benefit payments will terminate at the end of February, May 31, August 31, or November 30, whichever occurs first. HMRC is mailing out letters to thousands of families, urging them to update their details. These notifications will be sent until the conclusion of July. To ensure ongoing support, parents can renew their Child Benefit claims utilising the HMRC app or online through The letters dispatched include a QR code for swift access to the digital service provided on HMRC claims that the process to update your Child Benefit claim is quick, taking mere "minutes." In the previous year, upwards of 870,000 parents renewed online, covering their teens' Child Benefit. Myrtle Lloyd, HMRC's Director General for Customer Services, said: "Child Benefit is an important boost to families. As soon as you know what your teenager is planning to do, extend your claim in minutes to guarantee your payments continue in September. Simply go to or the HMRC app to confirm today."
Business Mayor
14-05-2025
- Business
- Business Mayor
Parents of teens reminded of HMRC child benefit rule
HMRC is sending out 1.5 million letters to parents of 16 to 19 -year olds reminding them they need to act by the end of August if they want their child benefit payments to continue in September. Parents can continue receiving child benefit payments if their child is staying in education or training but unless they request an extension payments will automatically stop on 31 August on or after a child's 16th birthday. HMRC said last year 870,000 parents extended their Child Benefit, with most doing so using the online service. Between May and July, letters will be sent to parents reminding them to go online to confirm if their teenager is staying in full time education or approved training after they finish their GCSEs to continue receiving their Child Benefit. Parents can extend their claim quickly and easily via the HMRC app or online on The letters also contain a handy QR code which takes parents straight to the digital service on Child Benefit is currently worth £26.05 per week – or £1,354.60 a year – for the eldest or only child and £17.25 per week – or £897 a year – for each additional child. Myrtle Lloyd, director general for customer services at HMRC, said: 'Child Benefit is an important boost to families. As soon as you know what your teenager is planning to do, extend your claim in minutes to guarantee your payments continue in September. Simply go to or the HMRC app to confirm today.' If either the claimant or their partner has an individual income of between £60,000 and £80,000, the higher earner will be subject to the High Income Child Benefit Charge, which means the amount of child benefit will reduce. The online child benefit tax calculator provides an estimate of how much benefit they will receive, and what the charge may be. From this summer, as part of the government's Plan for Change, families will have the option to use a new digital service to pay the charge directly through their PAYE tax code instead of filing a Self Assessment tax return. Families who have previously opted out of child benefit payments can opt back in and restart their payments quickly and easily online or via the HMRC app. Parents are being remindd they cannot claim child benefit if their child is taking a course that is part of a job contract. READ SOURCE
Daily Record
14-05-2025
- Business
- Daily Record
HMRC sending important letters to parents urging them to take action before July
Parents of teenagers will receive a letter about their Child Benefit claim. How to apply for Tax-Free Childcare and 30 hours childcare HM Revenue and Customs (HMRC) is sending reminders to parents of teenagers aged between 16 and 19-years-old between now and July, urging them to extend their Child Benefit claim before a crucial deadline in August, or payments will automatically stop. Payments will end on August 31, 2025 if the online account is not updated to extend the claim. Those who need to update it include parents with teenagers continuing their education or training after their Scottish Nationals. Parents can extend their claim quickly and easily via the HMRC app or online on The letters also contain a handy QR code which takes parents straight to the digital service on Child Benefit is currently worth £26.05 per week - or £1,354.60 a year - for the eldest or only child and £17.25 per week - or £897 a year - for each additional child. More than 870,000 parents extended their Child Benefit claim for their teen last year with the majority confirming online or via the HMRC app in minutes. Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Child Benefit is an important boost to families. As soon as you know what your teenager is planning to do, extend your claim in minutes to guarantee your payments continue in September. Simply go to or the HMRC app to confirm today.' Child Benefit can continue to be paid for children who are studying full time in approved non-advanced education, which includes: A levels or Scottish Highers International Baccalaureate home education - if it started before their child turned 16, or after 16 if they have a statement of special educational needs and it was assessed by the local authority T levels NVQs, up to level 3 Child Benefit will also continue for children studying on one of these unpaid approved training courses: Scotland: Employability Fund programme and No One Left Behind Wales: Foundation Apprenticeships, Traineeships or the Jobs Growth Wales+ scheme Northern Ireland: PEACEPLUS Youth Programme 3.2, Training for Success or Skills for Life and Work If a child changes their mind about further education or training, parents can simply inform HMRC online or in the app and payments will be adjusted accordingly. If either the claimant or their partner has an individual income of between £60,000 and £80,000, the higher earner will be subject to the High Income Child Benefit Charge. For families who fall into this category, the online Child Benefit tax calculator provides an estimate of how much benefit they will receive, and what the charge may be. From this summer, as part of the UK Government's Plan for Change, families will have the option to use a new digital service to pay the charge directly through their PAYE tax code instead of filing a Self Assessment tax return. The new service will cut red tape for eligible employed parents who are liable to the High Income Child Benefit Charge but those who choose to pay the charge through their Self Assessment can continue to do so. Families who have previously opted out of Child Benefit payments can opt back in and restart their payments quickly and easily online or via the HMRC app. Teenagers turning 16 can take control of their Child Trust Fund savings account, which could be worth thousands of pounds, and can withdraw the money once they turn 18. Child Trust Funds were set up for every child born between 1 September 2002 and 2 January 2011. If teenagers or their parents and guardians know who their Child Trust Fund provider is, they can contact them directly. If they don't know where their account is, they can use the free online tool on to find out who their Child Trust Fund provider is. Scottish Child Payment Scottish Child Payment is a weekly payment of £27.15 for eligible families with children up to the age of 16 - the payment is worth £108.60 every month and is only available north of the border. Combined with Child Benefit payments from HMRC, parents could be due up to £212.80 each month in additional support. Child Benefit is a separate UK-wide payment, which is also issued every four weeks and amounts to £104.20 every payment period for the eldest or only child or £69.00 for every additional child. Parents, carers and guardians can get more information about financial help on the dedicated Children and Family section on here or by calling Social Security Scotland free on 0800 182 2222.
Daily Record
14-05-2025
- Business
- Daily Record
HMRC remind parents of 16 to 19-year-olds to extend Child Benefit claim by August 31
Child Benefit will automatically stop on August 31 on or after a child's 16th birthday if it's not extended. Parents of 16 to 19-year-olds in Lanarkshire will receive reminders from HM Revenue and Customs (HMRC) to extend their Child Benefit claim by August 31 if their child is staying in education or training or payments will automatically stop. Child Benefit will automatically stop on August 31 on or after a child's 16th birthday if it's not extended. Between May and July, letters will be sent to parents reminding them to go online to confirm if their teenager is staying in full time education or approved training after they finish their Nationals to continue receiving their Child Benefit. Lanarkshire parents can extend their claim quickly and easily via the HMRC app or online on The letters also contain a handy QR code which takes parents straight to the digital service on Child Benefit is currently worth £26.05 per week - or £1354.60 a year - for the eldest or only child and £17.25 per week - or £897 a year - for each additional child. More than 870,000 parents extended their Child Benefit claim for their teen last year with the majority confirming online or via the HMRC app in minutes. Myrtle Lloyd, HMRC's director general for customer services, said: "Child Benefit is an important boost to families. 'As soon as you know what your teenager is planning to do, extend your claim in minutes to guarantee your payments continue in September. Simply go to or the HMRC app to confirm today.' Child Benefit can continue to be paid for young people who are studying full time in non-advanced education as well as unpaid approved training courses; visit to check full eligibility. If either the claimant or their partner has an individual income of between £60,000 and £80,000, the higher earner will be subject to the High Income Child Benefit Charge. For families who fall into this category, the online Child Benefit tax calculator provides an estimate of how much benefit they will receive, and what the charge may be. From this summer, as part of the government's Plan for Change, families will have the option to use a new digital service to pay the charge directly through their PAYE tax code instead of filing a Self Assessment tax return. The new service will cut red tape for eligible employed parents who are liable to the High Income Child Benefit Charge but those who choose to pay the charge through their Self Assessment can continue to do so. Teenagers in Lanarkshire turning 16 can take control of their Child Trust Fund savings account, which could be worth thousands of pounds, and can then withdraw the money once they turn 18. *Don't miss the latest headlines from around Lanarkshire. Sign up to our newsletters here.
