Tips to Help with Christmas Finances

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June 25th 2022
Tax Week 12
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Tips to Help with Christmas Finances

One month out from the Christmas break, here are some tips for putting some pounds back in your pocket.

HMRC has started, or is continuing, a number of schemes in 2018 that many people are not fully aware of or not taking advantage of. Schemes are available that could result in significant monetary savings or possibly refunds and, as we all know, every extra pound chased towards the Christmas break is a worthwhile endeavour.

We have built two tools that can quickly check the items people are unaware that they can claim to reduce tax or get tax refunds. The first is our tax refund check that takes a few anonymous details from you regarding your income (regardless of sources/type) and can find out if you have overpaid taxes (up to 4 years worth), student loan over-payments, unclaimed marriage allowance, unclaimed expenses, tax reliefs on pensions and even look for incorrect tax codes.

Using our tool you get an estimated refund figure immediately and then it is up to you to contact HMRC directly with your actual tax information to submit a claim. Our expenses calculator, here, goes further and can show you what you can claim off your tax bill (whether you are employed or self employed) and itemises the difference it would make if you made a claim for tax relief.

Another way to save money is to open a high interest savings account. People receiving working/child tax credits can open a Help to Save account that gives interest of 50 percent on deposits of up to £50 per month. You can open the account now and keep the account open for up to four years. On the two-year anniversary of opening the account you receive a bonus worth 50 percent of your deposits over the preceding two year period. The same happens on the four-year anniversary. Essentially a total of £2,400 deposited over four years will give you £1,200 back.

Finally, if you are spending money on childcare here is another way to make your pound go further. Tax-Free Childcare Accounts are now available for parents with children under 12 (under 17 if disabled). These accounts provide a 20 percent top up to contributions made by parents for childcare costs. Every £8 deposited becomes £10 available to spend on childcare.

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