Has your child got £1,000 stashed away you don’t know about?

The idea of your child having £1,000 stashed away that you don’t know about might seem a little farfetched, but it may well be the case for to 700,000 parents in the UK. It isn’t as suspicious as it sounds however; your little angel hasn’t been hoarding cash under the floorboards. Well, they might be, but that’s another matter entirely. Instead, the money will be sitting in a Child Trust Fund that may have been opened by the Government without your knowledge. How has this happened? The last Labour Government announced the Child ...

Married? Are you missing out on a tax-break?

Are you married or in a civil partnership? You could be entitled to a £432 tax break thanks to the Marriage Allowance. HMRC estimates that around 4.2 million couples are eligible to reduce their tax payments thanks to this allowance, which was introduced last year. However, only a million people have claimed it so far. Are you one of the three million people missing out? Are you eligible to claim? Marriage allowance was launched on the 6th April 2016. It is aimed at couples where one partner may not be working, or is low waged, ...

Married couples lose out after failing to claim tax break

feet of bride and groom, wedding shoes (soft focus).New figures show that millions of people are paying too much tax, because they are failing to claim the married couples allowance. HMRC (HM Revenue & Customs) has revealed that only one million married couples have claimed the new allowance, out of the 4.2 million who are eligible. The allowance was introduced in April 2015 and is worth £220 in the current tax-year. How does it work? The system works by allowing either a husband, wife, or civil partner to transfer part of their unused Personal ...

Our love affair with ISAs continues

two red balloonsNew figures reveal that that our love affair with ISAs continues, despite low interest rates, which show no sign of increasing anytime soon. The figures, published by HMRC, show that: The number of ISAs taken out in the 2015/16 tax year fell slightly, to 12.7 million, down from 13 million in the year before However, the average amount saved or invested into ISAs rose by 5% to £6,338; only 9% of people subscribed the maximum amount In total £80 billion was salted away into ISAs in the last tax-year ...