Help to Save

Hello i am in a two thoughts what to do. My family receive working tax credits only and entitled to get help to save account. But in a situation of having some saving due to a inheritance and can save ok each month. So do we get a help to save account or do we not as my thought is just because we are entitled to get one is it right to.

Replies

  • annabanana82annabanana82 Forumite
    2.4K Posts
    Seventh Anniversary 1,000 Posts Name Dropper
    Forumite
    I was in a similar situation to yourself and did give it some thought as to whether it was right too. I decided to go for it and opened an account for both my Husband and myself, my thinking was I don't know what the future holds or what sort of help my children will need with university costs for example.

    Also, I take the tax credits every 4 weeks so I can't see the point in taking the moral high ground on the HTS account, if I was that troubled by it then I would/should have stopped my tax credit claim.
    In my case it wasn't inheritance that led to us having substantial savings but down to a critical illness payment for my Husband so in that respect I do have other reasons in trying to finance proof our future 
    Make £2023 in 2023 (#36) £698.06/£2023
  • AlexlandAlexland Forumite
    9.5K Posts
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    Forumite
    Razz said:
    my thought is just because we are entitled to get one is it right to.
    I wouldn't let this bother you too much. If you qualify to get the account and it meets your needs then go for it. Pretty much everyone at every income and wealth level is doing the best things for their own interests. If the government wanted to be stricter on who should be getting the benefit of this scheme they would tighten the criteria to exclude you but they haven't so it's fine.
  • DandytfDandytf Forumite
    4.3K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    Forumite
    Not a lot of time to enjoy Help2Save.
    Unless it's been changed, I think it was due to end 2024.
    Good luck OP, don't see any  reason for not applying.
    Replenished CRA Reports.2015 Zoe i nav -90-100 miles top charge. Savings continue.Faster Fibre has arrived albeit 1gb to 500mb.
  • miss-tifiedmiss-tified Forumite
    41 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    Help to Save qualification criteria: Receive universal credit and have had employment income of £617.73+/mth in the last monthly assessment period.
    I'm self employed and my previous losses are carried forward month by month.
    I'm also allowed to earn £335 per month without it affecting my UC benefit
    I understand that "income" excludes "expenses" but are previous losses taken into account for calculation of "income"?
    Example: if my income is £617.73 in the last monthly assessment period, and my monthly earnings allowance is £335, is my UC benefit then reduced by "income" of £282.73 x £0.55, or are my previous losses taken into account thereby changing the calculations?
    Any help appreciated.
  • BizzywizardBizzywizard Forumite
    198 Posts
    Third Anniversary 100 Posts Name Dropper
    Forumite

    Individuals can open a Help to Save account if any of the following applies. They are:

    • receiving Working Tax Credit
    • entitled to Working Tax Credit and receiving Child Tax Credit
    • claiming Universal Credit and they (with their partner, if it’s a joint claim) earned £604.56 or more from paid work in their last monthly assessment period

    Eligible individuals can set up a Help to Save savings account at any time until September 2023. Accounts are open for 4 years and individuals can make deposits as many times as they like, without going over the monthly saving limit of £50.

  • DaliahDaliah Forumite
    3.8K Posts
    1,000 Posts First Anniversary Photogenic Name Dropper
    Forumite
    If you are legally entitled to something, take it.
  • edited 1 November 2022 at 10:49PM
    carl.waringcarl.waring Forumite
    111 Posts
    Seventh Anniversary 100 Posts Combo Breaker
    Forumite
    edited 1 November 2022 at 10:49PM
    Thought I'd use an existing thread. Hope that's okay.

    With this scheme, does the "take-home pay" eligibility requirement include or exclude benefits?

    If it doesn't then I am just below the requirement which is really annoying.

    Thanks. 

    Individuals can open a Help to Save account if any of the following applies. They are:

    • receiving Working Tax Credit
    • entitled to Working Tax Credit and receiving Child Tax Credit
    • claiming Universal Credit and they (with their partner, if it’s a joint claim) earned £604.56 or more from paid work in their last monthly assessment period

    Eligible individuals can set up a Help to Save savings account at any time until September 2023. Accounts are open for 4 years and individuals can make deposits as many times as they like, without going over the monthly saving limit of £50

    It's now £658.64

  • edited 2 November 2022 at 6:45AM
    NedSNedS Forumite
    3K Posts
    1,000 Posts Third Anniversary Name Dropper
    Forumite
    edited 2 November 2022 at 6:45AM
    Thought I'd use an existing thread. Hope that's okay.

    With this scheme, does the "take-home pay" eligibility requirement include or exclude benefits?

    If it doesn't then I am just below the requirement which is really annoying.

    Thanks. 

    Individuals can open a Help to Save account if any of the following applies. They are:

    • receiving Working Tax Credit
    • entitled to Working Tax Credit and receiving Child Tax Credit
    • claiming Universal Credit and they (with their partner, if it’s a joint claim) earned £604.56 or more from paid work in their last monthly assessment period

    Eligible individuals can set up a Help to Save savings account at any time until September 2023. Accounts are open for 4 years and individuals can make deposits as many times as they like, without going over the monthly saving limit of £50

    It's now £658.64

    It excludes benefits. From the current GOV.UK guidance:

    You can open a Help to Save account if you’re receiving:

    • Working Tax Credit
    • Child Tax Credit – and you’re entitled to Working Tax Credit
    • Universal Credit and you (with your partner if it’s a joint claim) had take-home pay of £658.64 or more in your last monthly assessment period

    Your take-home pay is your pay after deductions (such as tax or National Insurance).

    So it's from earned income as highlighted above, and note it's take home pay, after deductions for tax, NI and pension contributions. In other words, it's the earnings that are taken into account when calculating your UC entitlement in that AP.
    Note you only have to be eligible at the time you apply, so meet the requirement in any one AP, apply and you will be eligible. They will check your last completed AP when determining eligibility.


  • carl.waringcarl.waring Forumite
    111 Posts
    Seventh Anniversary 100 Posts Combo Breaker
    Forumite
    Okay. Didn't see that bit. Thanks. 😳😠
Sign In or Register to comment.
Latest MSE News and Guides

Glitch hits Nectar bonzana

Did you miss out on bonus points?

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals