Latest news with #TaxCredits
Daily Record
5 days ago
- Business
- Daily Record
People warned to check if they owe tax ahead of payment deadline this month
People must settle their tax bills by midnight on July 31 to avoid potential fines from HMRC. Income tax rises for Scots in April - how the changes affect you Scots have been urged to check now if they need to pay any tax for the 2024/25 financial year ahead of a looming payment deadline. Advice Direct Scotland has issued a reminder that people must settle their tax bills by midnight on Thursday, July 31, to avoid potential fines from HM Revenue and Customs (HMRC). Those registered for self-assessment for the 2024/25 tax year may already have paid HMRC an initial instalment at the end of January, when tax returns for 2023/24 were also due. However, a second instalment is also due at the end of July, known as a 'payment on account', which goes towards their next tax bill. The payments are designed to help spread the cost of tax throughout the year and are calculated based on the previous year's tax bill. But the deadline is easy to miss. Paying the tax bill late can lead to financial penalties being issued by HMRC, with the amount depending on how much tax is owed and how late the payment is. To check if you need to pay something before July 31, Scots should login to their HMRC online account and check their self-assessment statement. If you know the tax you owe is going to be lower than last year, you can request a reduction in the payment on account, which can be done either online or by post. Andrew Bartlett, chief executive of Advice Direct Scotland, said: 'Paying a tax bill is a long way from most people's minds during the height of the summer, which is why it is so easy to miss this particular HMRC deadline. 'However, late payment fines will start to accrue if you forget about it, so make sure you login to your online account now and check if you need to act. 'If your situation has changed and you think you will be liable to pay less tax than previously, make sure to ask for a reduction, which will keep the money in your pocket.' He added: 'If you find the whole thing confusing, don't worry - the team is here to help Scots with self-assessment queries, completely free of charge. The service is backed by HMRC and provides an alternative to calling them directly.' Advice Direct Scotland offers a free tax helpline and website called which is backed by HMRC, to help people understand their tax obligations. Those who need help navigating the self-assessment process can call a specialist adviser on 0800 756 3381. As well as advice on self-assessment, staff can answer questions on a wide range of areas, from PAYE to National Insurance queries. They can also offer guidance on tax related to pensions, inheritance tax, capital gains tax, and marriage allowance, as well as help with claiming Child Benefit and Tax Credits.
Wales Online
10-07-2025
- Business
- Wales Online
Warning as six DWP benefits to be scrapped in just one year
Warning as six DWP benefits to be scrapped in just one year The Department for Work and Pensions (DWP) is continuing to phase out older benefits for millions this year - here's what you need to know The changes are expected to affect millions of people (Image: WalesOnline/Rob Browne ) People on certain benefits are being encouraged to take action if they wish to keep receiving payments. The Department for Work and Pensions (DWP) is continuing with the phase-out of older benefits for millions this year. A few years ago, the DWP started transitioning individuals on specific benefits, known as legacy benefits, over to universal credit, which was introduced in 2013. This process, known as managed migration, has been rolled out gradually over several years, with individuals being informed that they would be transitioned and, in some instances, would need to make a universal credit claim. Full-scale managed migration began in April 2023, extending to various regions across Great Britain. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here . The six legacy benefits being phased out include: Child and working tax credit Income-based jobseeker's allowance Income support Income-related employment Support allowance Housing benefit Tax credit is the first of 2025's legacy benefit closures. According to the DWP website, the benefit will end in April 2025, meaning recipients must respond to their migration notices to continue receiving benefits. Article continues below Those affected have three months from the date on their migration notice to apply for universal credit. Furthermore, the planned transition of approximately 800,000 recipients of income-related employment and support allowance (ESA) alone, or income-related ESA along with housing benefit, has been fast-tracked. This had initially been delayed until 2028/29. The DWP began sending out migration notices to these claimants in September 2024, aiming to inform all individuals in this group by December 2025. The DWP plans to transition all legacy benefit recipients to universal credit by March 2026, thereby completing the rollout and ending all legacy benefits by this date. Article continues below Here is the complete timeline of managed migration: April 2024: Migration notices were sent to households in receipt of Income Support, Income Support with Housing Benefit, and Tax Credits with Housing Benefit. Migration notices were sent to households in receipt of Income Support, Income Support with Housing Benefit, and Tax Credits with Housing Benefit. June 2024: Migration notices were sent to households receiving Housing Benefit only. Migration notices were sent to households receiving Housing Benefit only. July 2024: Migration notices were sent to households in receipt of Employment Support Allowance with Child Tax Credits. Migration notices were sent to households in receipt of Employment Support Allowance with Child Tax Credits. August 2024: Tax Credit claimants who are over state pension age were invited to apply for either Universal Credit or Pension Credit. Tax Credit claimants who are over state pension age were invited to apply for either Universal Credit or Pension Credit. September 2024: Migration notices began to be sent to claimants of income-based Jobseeker's Allowance (JSA), and those on income related Employment Support Allowance (ESA) without Child Tax Credits. Migration notices began to be sent to claimants of income-based Jobseeker's Allowance (JSA), and those on income related Employment Support Allowance (ESA) without Child Tax Credits. December 2025: The DWP aims to notify all claimants of income-related ESA only, or income-related ESA and Housing Benefit, by this date, a group previously scheduled for migration in 2028/29. The DWP aims to notify all claimants of income-related ESA only, or income-related ESA and Housing Benefit, by this date, a group previously scheduled for migration in 2028/29. March 2026: All legacy benefit claims are scheduled to be closed
Daily Mirror
09-07-2025
- Business
- Daily Mirror
Exact amount Universal Credit claimants can have in savings before payments stop
Universal Credit is claimed by more than seven million people in the UK - but how much can you have in savings before your payments get reduced? If you claim Universal Credit, the Department for Work and Pensions (DWP) may reduce or stop your payments if you have over a certain amount in savings. But how much exactly can you have saved? Universal Credit is claimed by more than seven million people in the UK. If you have over £6,000 in money, savings and investments, your benefit will be reduced by £4.35 for every £250 you have between £6,000 and £16,000. If the amount you have saved doesn't add up exactly to £250, but is over the threshold, another £4.35 is deducted from your Universal Credit. For example, if you have £6,300 in savings, the first £6,000 would not be subject to any deductions, but the other £300 would see your payments deducted by £8.70. This would be £4.35 deduced for the first £250, then another £4.35 for the remaining £50 that makes up the £300. These figures apply if you're a single claimant, or claiming as part of a couple. You are normally not eligible for Universal Credit if you have more than £16,000 in savings. If you claim Tax Credits and you've been asked to move to Universal Credit, you may still be able to get Universal Credit for up to a year if you have more than £16,000. Universal Credit is made up of a standard allowance, which is the basic amount you get before any additional elements - for example, if you have children or are unable to work due to illness - or any deductions are taken into account. If you work, there is a taper rate which reduces your maximum Universal Credit payment as your earnings increase. The taper rate is 55% which means 55p is deducted from your maximum Universal Credit payment for every £1 you earn. Some people get a "work allowance" which is a set amount you can earn before your Universal Credit is reduced. The "work allowance" is worth £411 a month if you also receive help with housing costs, and £684 a month if you don't. Universal Credit - how much you get Here is how much the different elements of Universal Credit are worth: Standard allowance Single under 25: £316.98 a month Single 25 or over: £400.14 a month Joint claimants both under 25: £497.55 a month Joint claimants, one or both 25 or over: £628.10 a month Child element First child born before April 6, 2017: £339 a month First child born on or after April 6, 2017 or second child and subsequent child: £292.81 a month Disabled child element lower rate: £158.76 a month Disabled child higher rate: £495.87 a month Limited capability for work Carer element £201.68 a month Work allowance Higher work allowance (no housing amount): £684 a month Lower work allowance (with housing amount): £411 a month
Scottish Sun
09-07-2025
- Business
- Scottish Sun
‘Unbeatable' bank account for millions on Universal Credit that could help you save £1,200
We explain how the scheme works and how much you can get BANK ON IT 'Unbeatable' bank account for millions on Universal Credit that could help you save £1,200 MILLIONS of people on Universal Credit could earn £1,200 in free cash with an 'unbeatable' bank account. Help to Save is a type of savings account that gives you a 50% bonus on any money you squirrel away. Advertisement 1 Millions of people on Universal Credit can get £1,200 free cash with bank account Credit: Getty Anyone on Working Tax Credit or receiving Universal Credit can open one. You can pay in between £1 and £50 each calendar month and save into the account for up to four years. The bonuses are paid at the end of the second and fourth years, with the maximum bonus worth £1,200. If you paid in the maximum of £50 a month for a year then you could earn £300 over the year. Advertisement But if you opened the account now and paid into it until the new year then you would earn £125. The scheme has paid out millions of pounds to more than 500,000 people since it was launched in 2018. Meanwhile, MoneySavingExpert founder Martin Lewis has described the account as 'unbeatable'. But David Cameron, who launched Help to Save when he was Prime Minister, said up to 3.5million people could be eligible for the scheme, meaning millions are missing out. Advertisement How does Help to Save work? Help to Save is a type of savings account that is available to people who receive Tax Credits and Universal Credit. The scheme is government-backed so all of your money is protected and you will not lose anything you pay in. You can open a Help to Save account if you are receiving Universal Credit and you had a 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. Advertisement If you stop claiming benefits you can keep using your Help to Save account. One thing to consider is that if your Help to Save cash means you have more than £6,000 in personal savings, it can affect whether you are eligible for some benefits and how much you get. How you can find the best savings rates If you are trying to find the best savings rate there are websites you can use that can show you the best rates available. Doing some research on websites such as MoneyFacts and price comparison sites including Compare the Market and Go Compare will quickly show you what's out there. These websites let you tailor your searches to an account type that suits you. There are three types of savings accounts fixed, easy access, and regular saver. A fixed-rate savings account offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term. This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account. Some providers give the option to withdraw but it comes with a hefty fee. An easy-access account does what it says on the tin and usually allow unlimited cash withdrawals. These accounts do tend to come with lower returns but are a good option if you want the freedom to move your money without being charged a penalty fee. Lastly is a regular saver account, these accounts generate decent returns but only on the basis that you pay a set amount in each month. If you or your partner have £6,000 or less in personal savings, this will not affect how much Universal Credit or Housing Benefit you get. This includes any savings in your Help to Save account, including bonuses. Advertisement Any savings or bonuses you earn through Help to Save will also not affect how much Working Tax Credit you get. Are there any other options? If you're not on Universal Credit or Tax Credits so don't qualify for a Help to Save account, you do have some other options. It is always a good idea to have an easy-access savings account so you can withdraw money whenever you need to. But make sure you read the small print as some have withdrawal limits which if you breach could mean your interest rate falls. Advertisement At time of writing you can get 5% on savings of up to £3,000,000 with Chase Bank and there is no minimum pay in. Meanwhile, you can earn 4.75% with Atom Bank and can open the account with just £1. But if you make a withdrawal in a month then the rate drops to 2.5%. Another option is a regular savings account, which allows you to put money away each month and the interest is paid yearly. Advertisement These accounts offer higher interest rates than traditional or easy-access savings accounts but usually impose rigid rules such as limiting the number of withdrawals you can make. They will also usually cap how much you can save. Zopa customers can earn 7.1% interest on up to £300 a month with its regular savings account. To be eligible you need to have a Zopa 'Biscuit' current account. Advertisement First Direct will give you 7% interest if you pay in between £25 and £300 a month into its regular savings account. If you paid in the maximum £300 a year then you would earn £135 a year in interest. But if you close the account early then you will only get 1.75% interest. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Advertisement Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Yahoo
20-06-2025
- Business
- Yahoo
SolarEdge Technologies (SEDG): Among the Solar Energy Stocks that Crashed This Week
The share price of SolarEdge Technologies, Inc. (NASDAQ:SEDG) fell by 23.75% between June 10 and June 17, 2025, putting it among the Energy Stocks that Lost the Most This Week. A technician installing a communication device in a large solar energy system. SolarEdge Technologies, Inc. (NASDAQ:SEDG) is a global leader in smart energy technology. The company produces current optimized inverter systems for solar photovoltaic installations in the United States, Germany, the Netherlands, Italy, the rest of Europe, and internationally. After posting gains of over 90% since the beginning of May, SolarEdge Technologies, Inc. (NASDAQ:SEDG) plunged heavily this week following the release of the Senate's proposed plan to phase out solar tax credits by 2028 as part of President Trump's sweeping tax and spending bill. While the industry was already expecting a gradual phase-out of the incentives, the new version of the bill accelerates this timeline. Under current law, the phase-out will not begin until 2032. The rooftop solar industry has been hit particularly hard, as the proposed legislation aims to end the residential solar tax credit by the end of this year. This deals a major blow to SolarEdge Technologies, Inc. (NASDAQ:SEDG), as its inverter sales are expected to take a hit from a drop in demand for rooftop solar. While we acknowledge the potential of SEDG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
