Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • littlevet1
    • By littlevet1 15th May 19, 6:23 PM
    • 37Posts
    • 18Thanks
    littlevet1
    Financial support for elderly neighbour
    • #1
    • 15th May 19, 6:23 PM
    Financial support for elderly neighbour 15th May 19 at 6:23 PM
    Hello

    I am seeking advice regarding how I can support my elderly neighbour. She has no close family and none local, she also suffers from anxiety and becomes easily overwhelmed.

    Recently she has mentioned that she thinks she might need to complete a tax return (she is worried that she has exceeded her personal savings allowance). However has got herself in a muddle with her finances. It appears that she holds multiple accounts each containing varying sums of money and she is unable to keep track of everything.

    This is contributing to her anxiety and she is getting in a bit of a state.

    Although I wish to help I am reluctant to become involved as I feel this is a private matter and I certainly do not want to pry into her affairs. I am also wary of being accused of having a personal motive for my own financial gain, which is absolutely not the case.

    I would like to know if there is a service, perhaps a charity, who would be able to assist her to organise her financial affairs. I don't think she needs investment advice or wealth planning, but simply an 'audit' of her finances, advice regarding a tax return (if necessary) and any other sensible advice for her situation. Is this something that an IFA would do? She mentioned she is happy to pay for help.

    Thank you in advance.

    This Forum tip was included in MoneySavingExpert.com's weekly email!
    If you haven’t already, join the forum to reply.
    Last edited by MSE Tine; 30-05-2019 at 8:59 AM.
Page 1
    • MovingForwards
    • By MovingForwards 15th May 19, 6:39 PM
    • 1,564 Posts
    • 1,830 Thanks
    MovingForwards
    • #2
    • 15th May 19, 6:39 PM
    • #2
    • 15th May 19, 6:39 PM
    Age concern would be a starting point, so you are 'helping to point her in the right direction' but not getting involved with the financial side.
    • littlevet1
    • By littlevet1 15th May 19, 6:45 PM
    • 37 Posts
    • 18 Thanks
    littlevet1
    • #3
    • 15th May 19, 6:45 PM
    • #3
    • 15th May 19, 6:45 PM
    I have just learned that if my neighbour does owe any tax due to exceeding the personal savings allowance, this should be collected automatically by HMRC by an alteration in her tax code. This should relieve her worries regarding a need to complete a tax return
    • tacpot12
    • By tacpot12 15th May 19, 7:50 PM
    • 2,599 Posts
    • 2,337 Thanks
    tacpot12
    • #4
    • 15th May 19, 7:50 PM
    • #4
    • 15th May 19, 7:50 PM
    Well done for trying to help littlevet1.

    While I understand your reticence in getting involved, I think your neighbour needs help, and will find it difficult to get someone else to show the level of care you have already shown.

    I think you should talk to your neighbour about what happens in future, say if she starts to becomes forgetful? Your neighbour probably needs someone to have a Power of Attorney for her, whether this is a member of her distant family or someone locally that she knows and trusts is a matter for her, but you could at least raise the subject.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always check official information sources before relying on my posts.
    • pollypenny
    • By pollypenny 16th May 19, 7:26 AM
    • 26,233 Posts
    • 69,345 Thanks
    pollypenny
    • #5
    • 16th May 19, 7:26 AM
    • #5
    • 16th May 19, 7:26 AM
    Age Concern were very helpful in my aunt's case. It's worth asking your neighbour if you can arrange a visit.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
    • Farway
    • By Farway 16th May 19, 8:46 AM
    • 7,392 Posts
    • 14,094 Thanks
    Farway
    • #6
    • 16th May 19, 8:46 AM
    • #6
    • 16th May 19, 8:46 AM
    I have just learned that if my neighbour does owe any tax due to exceeding the personal savings allowance, this should be collected automatically by HMRC by an alteration in her tax code. This should relieve her worries regarding a need to complete a tax return
    Originally posted by littlevet1

    Tax codes would only be of use if neighbour has income from a source that is PAYE taxed, such as personal pension


    If she only has state pension & state provided income this is not taxed at source, so tax code alteration would not help


    I am in this position & have to send a cheque off to HMRC annually to pay my tax, it would be much easier if this could just be knocked off my state pension but it can't
    • Sea Shell
    • By Sea Shell 16th May 19, 9:11 AM
    • 2,062 Posts
    • 3,529 Thanks
    Sea Shell
    • #7
    • 16th May 19, 9:11 AM
    • #7
    • 16th May 19, 9:11 AM
    There is always the possibility that if you bring up PoA, that they may ask you!! depending on how close you are and what family they have (or trust).

    Would you be prepared to take this on, if asked? If not, I'd we wary of suggesting it, in case you have to knock them back.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
    • Savvy_Sue
    • By Savvy_Sue 16th May 19, 5:28 PM
    • 39,895 Posts
    • 37,149 Thanks
    Savvy_Sue
    • #8
    • 16th May 19, 5:28 PM
    • #8
    • 16th May 19, 5:28 PM
    I don't know if TaxAid could be of any help: it says it "advises only people on low incomes whose problems cannot be resolved with HMRC" and that may not apply to your neighbour. However, they may know someone else who can help if not.

    Also it may be worth scanning the stickies on the Cutting Tax board or asking the board guides here to move it there.

    BTW I'm sure an IFA could help, but a bog standard accountant might also be useful for just getting on top of the different accounts, and any tax due, if she doesn't actually need the financial advice.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats, 2 balaclavas for seamen, 1 balaclava for myself, multiple poppies, 3 peony flowers, 4 butterflies ...
    Current projects: ready to decrease / decreasing on all parts of the mohair cardigan pattern! but moved onto wrist warmers for friends at Christmas ...
    • Snowbird
    • By Snowbird 16th May 19, 6:29 PM
    • 77 Posts
    • 79 Thanks
    Snowbird
    • #9
    • 16th May 19, 6:29 PM
    • #9
    • 16th May 19, 6:29 PM
    Tax Help for Older People was set up for this very situation I am on a tablet and cannot do links. Just google the name.
    • Browntoa
    • By Browntoa 17th May 19, 7:43 AM
    • 35,225 Posts
    • 41,283 Thanks
    Browntoa
    https://www.citizensadvice.org.uk/debt-and-money/tax/problems-with-tax/help-with-tax-problems/#h-tax-charities
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's , Boost your income and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • agrinnall
    • By agrinnall 17th May 19, 8:08 AM
    • 22,822 Posts
    • 18,839 Thanks
    agrinnall
    Tax Help for Older People was set up for this very situation I am on a tablet and cannot do links. Just google the name.
    Originally posted by Snowbird

    This is the link.


    http://www.taxvol.org.uk/
    • REJP
    • By REJP 22nd May 19, 12:21 PM
    • 98 Posts
    • 100 Thanks
    REJP
    Citizens Advice Bureau will give help in telling her how to cope, as well as Age Concern.
    A passing comment, assuming she lives alone, has she told her local Council Tax office, as she is entitled to a 25% discount if so.
    Power of Attorney in my case cost a lot of money, but not suitable for some vulnerable people.
    I believe she only has to pay tax on savings interest if it is more than 1,000 per annum. If she has savings at that level then an Independent Financial Adviser from her bank might be a good idea.
    Thank you for being a good neighbour.
    • Savvy_Sue
    • By Savvy_Sue 22nd May 19, 9:33 PM
    • 39,895 Posts
    • 37,149 Thanks
    Savvy_Sue
    If she has savings at that level then an Independent Financial Adviser from her bank might be a good idea.
    Originally posted by REJP
    That's a bit of a contradiction. Either it's an INDEPENDENT financial adviser, or it's one from her bank, who will only know about the bank's products.

    I'd go for Indie every time ...
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats, 2 balaclavas for seamen, 1 balaclava for myself, multiple poppies, 3 peony flowers, 4 butterflies ...
    Current projects: ready to decrease / decreasing on all parts of the mohair cardigan pattern! but moved onto wrist warmers for friends at Christmas ...
    • LadyDee
    • By LadyDee 16th Jun 19, 7:57 PM
    • 3,771 Posts
    • 4,037 Thanks
    LadyDee
    Certainly source as much help as you can for her from bodies such as Age Concern, but whatever you do, do not get involved in her personal affairs, or agree to manage her finances. Sure as eggs, some previously unknown relative will pop out of the woodwork after the funeral. Be her friend by all means, just ensure you don't find yourself in the position of being accused of exerting any influence in regards to her money.

    Not personal experience but one that an acquaintance found themselves facing a few years ago - it came close to ending very badly.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,183Posts Today

8,230Users online

Martin's Twitter