HMRC Encourages Britons to Claim £1,200 Bonus – Learn How to Get It!
Many UK residents are currently feeling the financial strain from recent hikes in household expenses like Council Tax, road tax, energy bills, and the TV Licence Fee. To provide some relief during what has been described as ‘Awful April’, HM Revenue and Customs (HMRC) is urging eligible individuals to check if they can claim a bonus of up to £1,200 through the Help to Save scheme.
Originally scheduled to conclude in April 2025, HMRC has decided to extend the Help to Save programme until April 2027. This extension aims to assist more people during these challenging times by making the scheme more inclusive. Previously, only Universal Credit claimants meeting specific income criteria could open a Help to Save account. Now, the eligibility criteria have been revised to include those on Universal Credit who earn at least £1 from work, potentially making thousands more adults eligible.
The Help to Save initiative allows participants to receive a 50p bonus for every £1 saved over a four-year period. This government-backed scheme offers a secure way for individuals to build savings while earning bonuses along the way. Participants can save between £1 and £50 each month, with various payment methods accepted, including debit card, standing order, or bank transfer.
The bonus, which amounts to 50% interest, is paid out at the end of the second and fourth years after opening the account. By consistently saving the maximum amount of £50 per month, savers could accumulate £2,400 over four years, with an additional bonus of £1,200. Even saving a smaller amount of £25 per month can still result in a substantial £600 bonus at the end of the four-year period.
It is important to note that the Help to Save account closes automatically after four years from the opening date. Early closure of the account forfeits the next bonus and prevents the individual from opening a new Help to Save account. Economic Secretary Emma Reynolds emphasised the significance of financial security for working individuals, highlighting the government’s commitment to supporting families in saving for unexpected expenses.
If you’re considering opening a Help to Save account, you’ll need your National Insurance number or postcode to start the application process. Additionally, have two of the specified documents ready and your bank details at hand for verification purposes. Couples who are eligible can each open individual Help to Save accounts, even if they receive benefits jointly.
HMRC officials are encouraging those who may be eligible for the scheme to explore their options and apply for the Help to Save account. By taking advantage of this opportunity, individuals can not only save for the future but also benefit from valuable bonuses that can provide financial stability in times of need. To begin the application process or learn more about the scheme, visit the HMRC website or contact them directly for assistance.