Help to Save bonus payments

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is payable at the end of the

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is payable at the end of the second and fourth years and is based on how much account holders have saved. The bonus is paid directly into the account holder’s chosen bank account.

This means that account holders on low incomes can receive a maximum bonus of up to £1,200 on savings of £2,400 for 4 years from the date the account is opened. The scheme is open to most working people who receive Working Tax Credits or Universal Credit.

Almost 450,000 people have opened Help to Save accounts since the scheme was launched in September 2018 and March 2023, with nearly £372.5 million paid into accounts during that time. This has seen the government award £146 million in bonus payments.

The scheme had been due to end in September 2023 but was extended by 18 months, until April 2025. The extension was announced at Spring Budget on 15 March 2023.

Source: HM Revenue & Customs Tue, 07 Nov 2023 00:00:00 +0100

Latest INSIGHTS

Check out our latest Insights for useful accounting tips and information.

What is a group company structure?

A group is formed when one company has control of, owns, a number of subsidiary companies.

A group is different to an arrangement where an individual owns a number of companies personally. In this case the companies would be called associated or

Read More

Is your income over £100,000?

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000 will result

Read More

Connected persons for tax purposes

The definition of a connected person for tax purposes varies.

A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation of Chargeable Gains Act (TCGA) 1992.

The legislation

Read More