HMRC’s five money-saving tips

HM Revenue and Customs (HMRC) has highlighted five money-saving tips to help boost your finances.

First-Time Buyers’ Relief

If you are a first-time buyer you can claim First-Time Buyers Relief on your property purchase made on or after 22 November 2017.

This means that you will not pay any stamp duty on properties up to the value of £300,000 outside of London or £500,000 in London.

Tax-Free Childcare

If you are a parent or guardian of a child under the age of 12 (or under 17 with a disability), you could receive tax-free childcare.

For every £8 that you pay in, the Government will make a top-up payment of an additional £2, up to a maximum of £2,000 per child per year (or £4,000 for disabled children).

Marriage Allowance

Those who are married or in a civil partnership can save up to £250 a year if they have applied for a Marriage Allowance.

A Marriage Allowance lets you transfer £1,250 of your personal allowance to your husband, wife or civil partner – if they earn less than you, this will then reduce the amount of tax you pay for that year.

Help to Save

The Government has introduced a new savings scheme to help those who find it hard to save on a low income.

The Help to Save scheme rewards savers with an extra 50p for every £1 saved. In total, you can save a maximum of £2,400 over four years, which would result in an overall bonus of £1,200.

Work-Related Expenses

Hairdressers, nurses, construction workers and millions of other employees can claim tax relief on work-related expenses.

Workers can claim money they have spent on items such as work uniform, tools, business travel, professional fees and subscriptions.

To find out how we can help and advise you, please contact our expert team today.