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REGISTRATION FOR TAX-FREE CHILDCARE OPENS

2019-09-01T12:07:49+01:00April 10th, 2017|Categories: Personal Finance|Tags: , |

The long-awaited tax-free childcare scheme launches on 28 April 2017 and will be rolled out during the course of the year. In conjunction with this, the government's new Childcare Choices website is now operative, allowing parents to find out about available support. The website includes a childcare calculator for parents to compare all the government's childcare offers and check what works best for their families, including the new 30-hour free childcare offer, tax-free childcare or universal credit. Through the website, parents can also pre-register for email alerts that will notify them when they can apply, as well as providing [...]

Tax-free access to pension advice

2019-09-01T12:00:39+01:00March 12th, 2017|Categories: Personal Finance|Tags: , |

The Treasury has confirmed details of the new Pension Advice Allowance, which will take effect from April 2017, and which will enable people to withdraw £500, on up to three occasions, from their pension pots tax-free to put towards the cost of pensions and retirement advice. Following an eight-week consultation period, the Economic Secretary to the Treasury, Simon Kirby, confirmed that the £500 allowance: can be used a total of three times, only once in a tax year, allowing people to access retirement advice at different stages of their lives, for example when first choosing pension or just prior [...]

Coming soon: tax-free childcare

2019-09-01T11:59:53+01:00February 27th, 2017|Categories: Personal Finance|Tags: , |

Plans for the introduction of a new scheme called 'tax-free childcare' were initially announced way back in the 2013 Budget. The original proposals have since been amended and the scheme is now set to be implemented during 2017. Broadly, the new scheme, which aims to help working parents with the cost of childcare, will replace the current system of employer-supported childcare (ESC) which is offered by less than 5% of employers and used by around 450,000 families. Parents will be able to open an online voucher account with a voucher provider and have their payments topped up by the [...]

Help-to-Save

2019-09-01T11:52:56+01:00November 26th, 2016|Categories: Personal Finance|Tags: , |

The Savings (Government Contributions) Bill is currently making its way through Parliament, having had its second reading in the House of Commons on 17 October 2016. Broadly, if enacted, the Bill will introduce two new schemes - the lifetime ISA and Help-to-Save - both of which are designed to support more people as they try to save for the future. Help-to-Save will target working families on the lowest incomes to help them build up their savings. The scheme will be open to some 3.5 million adults in receipt of Universal Credit with minimum weekly household earnings equivalent to 16 [...]

Lifetime ISA guidance updated

2019-09-01T11:50:42+01:00October 16th, 2016|Categories: Personal Finance|Tags: , |

HM Treasury has updated its factsheet on the new Lifetime Individual Savings Account (ISA), which are expected to launch in April 2017. Key features of the new ISA include: Accounts may be opened by investors aged between 18 and 40. Savings invested in the account before age 50 will attract a government bonus of 25%. A maximum of £4,000 may be saved each year on which the 25% bonus will be paid. This equates to a maximum bonus of £1,000 a year. Some or all of the money can be used to buy a first home, or it can [...]

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