The 4 lesser-known ways you can get money back from the Government
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Desperate Brits are looking high and low for ways to bolster their income or reduce their outgoings as the cost of living crisis deepens. But many don’t know that their income boost can come from the Government, with a variety of lesser-known tax savings available for a wide range of people.
The biggest squeeze on real terms income is developing across the UK, as skyrocketing inflation and bills push more and more Brits into financial uncertainty.
The Government has promised more help is on the way to ease the cost of living crisis – but hopes are not high given the limited support announced in April.
The most well-known ways to get money from the Government come in the form of benefits – but these are means-tested and not everyone is eligible to claim them.
However, there are several ways you can maximise your income via Government schemes and tax incentives that most people don’t even know they’re missing out on.
Around 2.5 million couples are thought to be missing out on Marriage Allowance, a tax benefit when one spouse does not pay any tax.
The tax break allows a spouse to pass £1,260 of their £12,570 income tax personal allowance to their basic rate taxpaying spouse.
The annual saving can amount to £252 – and you can backdate your claim by up to four years.
Tax free childcare
Under the Tax Free Childcare scheme, each £8 a parent puts in, the Government puts in £2.
Parents and guardians can claim up to £500 every three months, up to a maximum of £2,000 per year, or more if the child has a disability.
Some 1.3 million parents are not yet signed up to the scheme, which was first brought in in 2013.
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Working from home tax relief
If you’re still working from home in some capacity, you can claim working from tax relief for the entire year.
Companies are able to make tax free payments of £6 per week to employees who work from home, to cover extra costs such as office equipment and energy bills that rise in line with being at home more.
But if your employer doesn’t pay this directly to you, you can claim it back directly from the Government – amounting to a tax saving of £62.40 for basic-rate payers.
State pension top-up
Grandparents who care for their grandchildren under 12 are eligible for a state pension top-up if they do not currently receive the full amount.
Under the “Specified Adult Childcare” scheme, the NI boost transfers the credits attached to the parent’s child benefit payment to a grandparent that cares for their child.
In order to qualify for the full new state pension, you require a total of 35 qualifying years of NI contributions or credits.
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