Check what financial help you can get from HMRC by accessing HMRC’s one-stop-shop page that has compiled together multiple areas of financial support available to taxpayers which could help them with living costs.
HMRC has called on taxpayers to check what financial help they can get from HMRC to make sure they are not missing out on any savings or tax breaks over the coming months.
HMRC financial help – Child Benefit
You can claim Child Benefit if you’re responsible for bringing up a child who is:
- – under 16
- – under 20 if they stay in approved education or training
Only one person can claim Child Benefit for a child.
It’s paid every 4 weeks and there’s no limit to how many children you can claim for.
The new rates of child benefit for the 2022-23 tax year are £21.80 for an eldest or only child, and £14.45 for additional children.
This is an increase of 65p and 45p respectively per week and means that the new four-weekly payments will be £87.20 for an eldest or only child and £56.00 for any additional children.
HMRC financial help – Tax-Free Childcare
You can get up to £500 every 3 months (up to £2,000 a year) for each of your children to help with the costs of childcare. This goes up to £1,000 every 3 months if a child is disabled (up to £4,000 a year).
Tax-free childcare is classed as a state benefit, is available to many parents and can be used to cover care after-school and during school holidays as well as regular childminders, nurseries, and nannies.
Tax relief on employment expenses is the first port of call for taxpayers and HMRC’s newly launched one-stop-shop page explains how to claim money that has been spent on things such as work uniforms, clothing, tools, subscription and business travel.
Find out how to claim tax relief on money you’ve spent on things like work uniforms and clothing, tools, subscriptions or business travel.
HMRC financial help – Marriage Allowance
Marriage Allowance allows you to transfer 10% (£1,260) of your personal tax allowance to your husband, wife or civil partner if you earn less than the personal tax allowance, which is usually £12,570.
HMRC financial help – Help to Save Account
Help to Save is a savings account. If you’re entitled to Working Tax Credit or you’re receiving Universal Credit, you can get a bonus of 50p for every £1 you save over 4 years.
HMRC financial help – Child Trust Funds
A Child Trust Fund is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011.
For those who hold an account but do not know the Child Trust Fund provider, or if you’re unsure whether you have one or not, we can help you find out.
HMRC financial help – If You Cannot Pay Your Tax Bill
Contact HMRC as soon as possible if you cannot pay your tax bill. We’re here to help, and you may be able to pay what you owe in instalments, depending on your circumstances and what you can afford.
Find out what to do if you cannot pay your tax bill on time.
How can MCL Accountants help?
Contact MCL Accountants on 01702 593 029 if you want us to check what financial help you can get from HMRC or if you need any assistance with the preparation and submission of your business accounts or self-assessment tax returns to HMRC.
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Ishan provides financial management, taxation and transactional advice to business entities of all sizes. His expert areas include statutory compliance, business taxation, personal tax & transactional processing and systems. Industry sectors include professional services, retail, hospitality and entertaining & media and advertising services.