Martin Lewis Explains 5 Ways To Recover Thousands Of Pounds “In Five Minutes”

0
37


Money expert Martin Lewis has revealed how households can save thousands of pounds as Christmas approaches – starting with a tax cut for those who still work from home.
Lewis said families looking to increase their bank accounts in the coming weeks should take note, as he explained the shortcomings and benefits households are expected to claim before the end of the year.

Sharing his advice in this week’s MoneySavingExpert newsletter, he said, “Christmas is coming, the purse strings are tightening and people are busy. Many are looking for extra money.

“So I have put in place five simple ways to get your money back quickly. You don’t need to pay anyone, most just fill out online forms. ”

The consumer expert said it only takes five minutes – and the money could even arrive before Christmas.

Apply for tax relief



You may be eligible for a last minute Christmas bonus

If you work from home, you may be able to claim a tax increase in the form of a refund from HMRC or your employer.

This money can help cover additional costs associated with working from home, such as heating, electricity, and broadband bills.

HMRC says there are two ways to make a claim.

Employers can pay staff up to £ 6 per week tax free to cover additional costs associated with working from home.

Alternatively, employees can claim the money from the tax authorities.

The money is payable to anyone who has worked from home since April 6 – even for a single day.

However, this only applies if your employer has asked you to work from home.

The amount you get depends on your tax bracket, but on average it is between £ 60 and £ 120.

People can find out more and make a complaint at gov.uk/tax-relief-for-employees/working-at-home.

Marriage tax allowance



You may be eligible for marriage tax relief

Millions of couples don’t know they can get £ 250 tax relief from the wedding allowance.

This little-known tax break allows anyone with an income of £ 12,500 or less to transfer up to £ 1,250 of their personal allowance to their husband, wife or civil partner – if their income is higher.

This reduces their tax up to £ 250 for the 2020 to 2021 tax year. Claims can also be backdated four years to April 2015. After April 5, 2020, couples will only be able to retroactivate it to 2016.

If a claim is backdated, the couple could receive up to £ 1,150 in return.

Clients in England, Wales and Northern Ireland are eligible for the Marriage Allowance if all of the following apply:

  • you are married or in a civil partnership
  • you pay no income tax or your income is less than your personal allowance (usually £ 12,500)
  • your partner pays income tax at the base rate between £ 12,501 and £ 50,000.

For customers in Scotland the same criteria apply, except that your partner must pay income tax at the base, base or mid rate between £ 12,501 and £ 43,430.

Couples can find more information and apply for a wedding allowance on Gov.uk here.

Power of attorney refunds

Between April 2013 and March 2017 in England and Wales, the fee for health and financial credentials was £ 110.

However, it should have been proportional to the underlying costs which at the time had fallen.

Now a lot of people need to be reimbursed – and Martin estimates the average payment to be £ 45 per app.

But keep in mind that the deadline to file a claim is February 1, 2021. Find out how to request a refund, here.

Student loans



Many new graduates were asked to repay their loans early by mistake

You’re not supposed to start paying off your student loan until April after you graduate – and even then it’s only supposed to be 9% of your income above the threshold. £ 26,575.

However, hundreds of thousands of employees mistakenly had it deducted from their payroll early on.

The good news is that you can get that money back pretty quickly – and the average payout is between £ 100 and £ 1,000. Find out how to get a refund here.

Work clothes




Get the latest money tips, news and help delivered straight to your inbox – sign up at mirror.co.uk/email

Millions of hospital workers, store staff and hairdressers could be in line for a Christmas bonus in the form of a late tax refund.

This is because if you’ve had to wear the uniform this year (even for just one day since April 6) – like a branded shirt or overalls – you may be eligible for a tax refund.

It’s simple to claim and the average payout is around £ 60.

You can find out exactly how much you are owed by following the steps in this online tool. Each claim takes about three weeks so you can get the money before Christmas.

Healthcare workers, food and retail professionals, and those in the construction industry are among the top eligible occupations.

Who can claim it?

You could claim tax relief if:

  • You use your own money for things you need to buy for your job
  • You only use these things for your job

You cannot claim tax relief if your employer grants you either:

What can I claim it on?

  • Repair or replace small tools needed to do their job (for example, scissors or an electric drill)
  • Clean, repair or replace specialized clothing (for example, a branded uniform or safety boots)
  • Professional mileage (no trip)
  • Travel and overnight expenses
  • Professional fees and subscriptions

LEAVE A REPLY

Please enter your comment!
Please enter your name here