With 47% of employees having worked from home in 2020, there’s a good chance you’re able to claim between £62 and £140 in tax relief.
If you’ve been required to work at home at all in the last year then you are eligible to get back some of the tax you’ve paid. You can do this for the whole 12 months even if there was only one day where this happened!
It’s also really easy to do thanks to a microsite set up by HMRC to process it for the 2020/21 tax year.
Update – And you can also now claim in the same way for 2021/22!
Most people are looking at receiving £62.40, though those who pay a higher rate of tax will be doubling that. A handful will be able to get £140.
Keep reading for everything you need to know about who can claim and how to do it, or watch this video with a step-by-step guide to applying.
What is working from home tax relief?
The logic behind this is you will have incurred extra household expenses while at home – from heating to insurance.
Who can claim?
Normally you can only claim for the weeks you’ve actually had to work from home. But that’s different for this last year.
You only need to have been required to work from home for one day since March 23rd 2020 (when lockdown began) to get the rebate for the entire 2020/21 year, and again for the 2021/22 year.
However, if your employer has already covered extra expenses you aren’t eligible. Also, you shouldn’t claim if you have chosen to work at home.
How much can you claim?
The tax relief is dependent on a few things – largely what you are claiming for and the rate of tax you pay on your income.
You can work out exactly how much extra you’ve spent on permitted expenses to claim the exact amount of tax back, but you do need to have receipts or proof of the extra costs.
What’s probably easiest for most people is to go with the set allowance. For the financial years 2020-21 (April 6th 2020 to April 5th 2021) and 2021/22 , it’s set at £6 a week. For previous tax years the rate is £4.
It doesn’t mean you’ll get £6 back for every week. Instead you’ll get the tax back on that £6, which works out as follows:
Basic rate taxpayers (charged 20% tax on most of your income) will get 20% of £6 back – a total of £1.20 a week. That’s 62.40 a year.
Higher rate taxpayers (40%) will get double that at £2.40 a week. That’s £124.80 a year
Additional rate taxpayers (45%) will get a little more at £2.70 a week, and £140.40 a year.
How will you get the money?
You won’t receive the money as a lump sum to your account or as a cheque. Instead, your tax code will be altered to accommodate this extra allowance. So essentially claiming really this means you’ll pay less tax each month.
How to make a claim
To make things easier there’s a government “microservice” most people can use. This uses the set £6 weekly allowance.
However this shortcut is only for those who don’t already fill in a self-assessment form. Those people will have to wait until they fill that in for that full tax year once it ends.
You can also claim for previous years but only for the days you were at home, and not via the microsite.
You’ll be asked:
Are you only claiming tax relief on your expenses for working from home? (Answer “Yes”)
Do you complete Self Assessment returns? (Answer “No”)
Has your employer paid your expenses for working from home? (Answer “No”)
Did you start working from home because of coronavirus (COVID-19)? (Answer “Yes”)
To make the claim you need a government gateway ID and password. This should take 10 minutes online. You’ll need your National Insurance number and either a payslip/P60 or your passport.
Once you have this you simply log in and follow the instructions. Don’t forget to claim from 23rd March 2020 if you were working from home then too.
What about 2021/22?
Money Saving Expert reported on 6th April 2021 that the microsite will carry on working for the new financial year, and you’ll be able to claim once more for the full year even if you only worked from home once.
If you didn’t claim for 2020/21 then you can still do this on the site.
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Here’s how to manage direct debits and cycle money to get current account perks.
From cashback to monthly rewards, there are all sorts of incentives and freebies you can get with multiple current accounts. And don’t forget bank switching bonuses.
But the more accounts you have, the more admin is required. Plus many account switches and perks require extras like direct debits or minimum deposits each month.
All this can put some people off. But it’s actually a lot easier to manage than you’d imagine, and I think the reward is well worth the effort.
Regular readers will know I have 15 different current accounts at the moment so I’ve got to have processes in place to make sure I don’t accidentally go overdrawn on one or miss out on a perk on another.
Though it’s unlikely you’ll have this many accounts, the things I do will still work for you.
And the good news is that the admin can be done on one go early on, and then looks after itself!
Watch this video or keep reading (or both) for how I do it
Managing direct debits
Quite a few switching offers and perks require a couple of direct debits each month. Often it’ll say “active” direct debits, which technically could include any payment that has been taken in the last year.
But for the most part these direct debits have to come out every month to qualify – ruling out annual or quarterly payments.
I think you’ll need between eight and 12 ongoing direct debits to take full advantage of the offers. Though you can switch them from an old account it’s probably easier to manually set up new direct debits with the service provider if you’re moving money to different accounts.
You won’t need all of these accounts, but just to give you the full idea, here are the account perks and switches that require direct debits.
Switching bonuses that require direct debits
A decent number of banks offer free cash or rewards for moving your old account over to them as part of a switch. Though the terms and conditions vary, you might be required to move over some direct debits from this old account or set them up on the new account.
In most cases, these direct debits can be cancelled once you’ve got your cash bonus. So these are the accounts where you’ll probably want to add temporary or extra direct debits rather than move regular ones.
Switching offers come and go, but right now these are the accounts that require them:
HSBC Advance – two direct debits or standing orders (can be added after the switch)
Nationwide – two direct debits (active before you switch)
Virgin Money M Plus – two direct debits (can be added after the switch)
It’s worth pointing out that the HSBC switch (when it runs) accepts standing orders as well as direct debits. This is a regular payment between accounts and really easy to set up to another current or savings account you hold. This makes it a better option than a direct debit.
Account rewards that require direct debits
The bulk of your direct debits are going to be needed for rewards. These are ongoing benefits that require a direct debit to be paid every month. If the payment doesn’t leave your account then you will miss out on the free money.
Account rewards that require the direct debits are:
Barclays Blue Rewards – two direct debits (for monthly reward)
Co-op Bank Everyday Rewards – four direct debits (for monthly reward)
NatWest Reward – two direct debits of at least £2 (for monthly reward)
RBS Reward – two direct debits of at least £2 (for monthly reward)
Santander 123 Lite – two direct debits, though most likely five or six (for monthly cashback)
Personally I wouldn’t bother with the Co-op account as you don’t get much in return. So that’s eight direct debits you don’t need to worry about.
But if you then go for all the other four accounts you’d need at least eight direct debits and probably 11 or 12. This might seem a lot but it is possible.
Interest rates that require direct debits
These two accounts each require two direct debits if you want to earn 0.6% interest on savings of up to £3,999 and 1.5% on the balance between £4,000 and £5,000.
Bank of Scotland Vantage – two direct debits (for interest)
Club Lloyds – two direct debits (for interest)
It’s a decent rate compared to other options, but it can be beaten by better savings accounts. In light of that, I wouldn’t waste direct debits on these accounts.
Most of the accounts require me to pay money in every month. If I didn’t I could miss out on all those little bonuses or get charged a monthly fee.
Here are the minimums for the main current account perks:
Barclays Blue Rewards – £800 a month (to get rewards)
Bank of Scotland Vantage – £1,000 a month (to get interest)
Co-op Bank Everyday Rewards -£800 a month
Halifax Rewards – £1,500 a month (to avoid fee)
HSBC Advance – £1,750 a month (to keep account)
Club Lloyds – £1,500 a month (to avoid fee)
NatWest Reward – £1,250 a month (to get keep account)
Nationwide FlexDirect – £1,000 a month (for interest)
RBS Reward – £1,250 a month (to get keep account)
Santander 123 Lite – £500 a month (to get cashback)
So how do you make meeting this easier? Automation is the key here, with standing orders moving the money on the same day each month. You can set these up easily in your online or app banking (though not all apps let you amend them if you want to make changes).
If you do have multiple accounts with the same provider, transferring between them often doesn’t qualify (eg Halifax to Halifax), so you’ll need to factor this in.
There are three methods here:
The endless cycle
One trick is to move the same cash from account to account so it cycles through each one and back to the start, then repeats itself the next month and so on.
For example, you’ve got £1,000 in account a, which you transfer to account b, then to account c, then account d and finally back to account a. Then it repeats the next month, and so on.
The back and forth
Another option is to set up a standing order out of one account into another, and then back the next day. And then move the money into another account and back.
So you’re move £1,000 from account a to account b, then back to account a. Then move £1,000 from account a to account c, then back to account a. And so on.
It makes sense to spread these out through the month so you’re still only moving the same amount of cash. to make sure there is cash in the account to leave it in the first place.
The bitesize transfer
If you don’t have £1,000 in your account to keep moving around, you can split the requirement into smaller chunks. So it could be two lots of £500, or four lots of £250. You get the idea.
You can use either the endless cycle or back and forth methods to automate this – you’ll just have more standing orders in action.
Covering account fees and direct debits
Don’t forget to add into your transfers enough to cover any direct debits going out of the accounts and any fees you might be charged.
Here are the main accounts that have a fee:
Barclays Blue Rewards – £4
Co-op Bank Everyday Rewards – £2
Halifax Rewards – £3 (avoid if you pay in £1,500 a month)
Club Lloyds – £3 (avoid if you pay in £1,500 a month)
Natwest Reward – £2
RBS Reward – £2
Santander 123 Lite – £2
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Collect your rewards
You should also factor in the rewards you’ll earn, but not all will pay directly into your account. You sometimes need to cash out your payments, so it’s worth making a note to do this once a month for the following:
Barclays Blue Rewards (can be done via Barclays app)
NatWest Reward (You need to log into the MyRewards site)
RBS Reward (You need to log into the MyRewards site)
Logging into the app
There’s one final ongoing requirement with some accounts – you might need to log in to your online banking or app on a regular basis.
This might not be something you do naturally with extra accounts, so just put a note in the diary to do this once a month. It’ll take you two minutes.
Co-Op Bank Rewards – every month
NatWest Reward – every month
RBS Reward- every month
Santander 123 Lite – every three months
Making sure everything is OK
The standing orders and direct debits should all take care of themselves, but it’s worth making note of what money is going where and when. I’ve set up two spreadsheets to keep an eye on things.
The first tells me all the standing orders and direct debits in and out of each account. If I need to amend the size of a standing order (for example when switching banks), I know exactly which is which. It only updates if I change bank.
The other spreadsheet is more active. Every month I open up the apps for my accounts and write down the balances. I try to do this in the first week of the month. This way I know exactly how much I have in each account, and overall. I also add in how much I owe on each credit cards (even though I pay them off in full every month) so I get the true figure of my current savings.
I tend to use the banks’ own apps though services like Yolt and Money Dashboard can do this too. You can add all your accounts to it and see them all on one screen.
How do Starling and Monzo compare to the apps from the high street banks?
App banking is getting bigger and bigger. I very rarely log in to online banking on a computer, hardly ever visit a branch and only phone up when there’s a problem.
So it’s vital that I can do everything I need to do on my app. And sadly my main bank for years – Nationwide – is really limited, requiring a card reader to add new payees and missing many of the features that started on new digital banks but increasingly copied by established banks.
I’d go as far as to say that how good a bank’s app is the number reasons to choose a bank for your everyday banking.
Watch my full analysis in this video, or keep reading to see the features broken down app by app.
Bank features compared
I’ve compared the features on 13 different banking apps, from digital challengers Monzo, Starling and Revolut through to high street titans Barclays, Halifax and HSBC.
So, what do I look for in a banking app? There are all sorts of things you can do – from adding photos of your receipts to individual transactions through to paying in a cheque. Lots of nice to haves.
But there are some basics which are essential – and surprisingly not all banks offer them. Here’s what I’ll check if I am going to use an app.
How easy is it to use?
Ease of use and being able to find everything are really important. Of course the more you use an app, the more familiar it’ll be, but there are some apps which are better than others
Can I set up new payees and amend existing ones?
I hate it when an app won’t let me do everyday things such as set up a new payee or amend a standing order. These are essentials that mean I’ll be able to do the basics whenever I want.
Sometimes there are payment limits on large transactions, largely to combat fraud, and I’m ok with these. It’s rare I transfer big sums so it’s only an occassional inconvenience.
Does it offer instant notifications?
More banks now offer this on their apps, and it’s a handy budgeting feature. You’ll get a notification on your phone as soon as the payment processes allowing you do check the amount is correct and also get aheads up of any fraud.
Can I search old transactions?
I want an app that’ll go back for at least 18 months and also offer filer options such as payments in or out.
Can I copy my account details?
This innovation is simple but so useful. With a couple of taps I can copy by account number and sortcode to share with people, or to enter into direct debit forms.
Does it let me control the card
Finally, it’s essential that my banking app lets me freeze my card. This is a security measure where you can stop anyone using your card if you lose it.
Extra app features I love
I’m a happy camper if the app contains all of the above, but there are extras offered by some banks which you might not be aware exist.
Of course, just because a bank app does something all shiny and new, it doesn’t mean you need it.
The biggest one here is being able to add other bank accounts to your app dashboard via Open Banking. This is a great idea, but the banks that do offer it only allow you to connect to a small range of banks.
You’re better off going for an app that is designed for and allows you to connect credit cards such as Yolt or Money Dashboard.
Similarly the auto-savings feature you’ll see with most banks (except Monzo) is a variation of the “Save the change” or “top-up” method where small amounts are transferred from your main account to a savings pot when you spend. There are better options out there, such as those from Plum and Chip.
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Allied Irish Bank Bank of Scotland Barclays Danske Bank First Direct First Trust Halifax HSBC Lloyds Monzo Nationwide NatWest RBS Santander Ulster Bank
Instant notifications
Yes
See upcoming regular payments
No
See pending payments
Yes
Go back more than one year
Yes
Filter in/out
Yes
Download statements
PDF
Add receipts/notes
No
Management
Freeze card
Yes
See Pin
No
See card number
No
Order new card
Yes
Gambling blocks
Yes
Spending controls (eg block contactless)
Yes
Update personal info
No
Biometric log in
Yes
Extras
Get cash
Revolut
Savings
Savings pots
Yes
Auto savings
Yes
Banking
Easy transfer
Yes
New payee in app
Yes
New SO
Yes
change SO
Yes
pay in cheque
No
share account details
Yes
Budgeting
Analyse spending
Yes
Set Budget
Yes
Add other banks
Yes
Amex Bank of Scotland Barclays Danske First Direct HSBC Halifax Lloyds M&S Bank Monzo Nationwide Natwest RBS Santander Starling TSB Ulster Bank
Instant notifications
Yes
See upcoming regular payments
Yes
See pending payments
Yes
Go back more than one year
TBC
Filter in/out
TBC
Download statements
PDF, XLS
Add receipts/notes
Yes
Management
Freeze card
Yes
See Pin
Yes
See card number
Yes
Order new card
Yes
Gambling blocks
Yes
Spending controls (eg block contactless)
No
Update personal info
Yes
Biometric log in
Yes
Extras
Virtual Card
Group bills
Santander
Another app I don’t currently have access to so there are a handful of gaps.
Find out which branches are affected and what you can do if your Santander bank branch is going to shut in 2021.
Starting in late June, a whopping 111 branches of Santander will close their doors this year the bank has revealed. This follows a further 162 that have closed in the last two years. There will still be 452 branches in the UK, though that’s little help if it’s your local one which shuts.
It’s down to more and more customers using online banking and apps rather than visiting the high street – a trend we’ve seen over the last few years from many other banks. Apparently branches are disappearing at a rate of 50 every month. That’s huge!
It’s understandable in many ways. Santander says branch visits were down 33% in 2018 and 2019, and down a further 50% last year. Instead two-thirds of transactions are now online or via phones.
Still it’s a huge frustration for customers – especially those who don’t want to go digital. My parents experienced this a few years ago when their local Natwest closed, following the likes of Barclays and Lloyds not long before.
What you can do if your bank closes
You’ve got a couple of options.
Stick with Santander
If you want to stay with Santander then you can use your local post office. You can pay in money and cheques into your account, and withdraw cash too – though that has the same limit as if you used a cash machine. It’s not perfect but at least it gives people in remote areas somewhere to go.
Don’t forget that if you hold a Santander 123 account you’re probably better off downgrading to a Santander 123 Lite account. Here’s more about how the accounts differ.
Read next
Change your bank
A better option might be to switch bank to one which has a branch near you. Of course, there’s no guarantee your new bank won’t close in the future. But you’re at least protected for a while – and you might be able to take advantage of a switching bonus. Here’s my list of what the different high street banks are offering at the moment.
And of course you can take your banking fully digital – and there are newer banks that have been designed from the beginning to work better for you on your phone. My top picks of these are Monzo and Starling.
Here’s my video from a few years ago explaining some of the options, or you can read more here.
Which Santander branches are closing down and when?
Here’s the full list provided on the Santander website with the dates they are due to close.
Branch
Address
Branch closure date
Arnold
84 Front Street, Arnold NG5 7EJ
12 August 2021
Ashby-de-la-Zouch
24 Market Street, Ashby-de-la-Zouch LE65 1AL
29 July 2021
Ashford Church Road
30 Church Road, Ashford TW15 2UY
5 August 2021
Balham High Road
200 Balham High Road, London SW12 9DH
24 June 2021
Banstead High Street
79 High Street, Banstead SM7 2NL
1 July 2021
Barking
37 Station Parade, Barking IG11 8EB
12 August 2021
Beckenham
212-214 High Street, Beckenham BR3 1EN
12 August 2021
Bethnal Green
450 Bethnal Green Road, Bethnal Green E2 0HG
15 July 2021
Bingley Main Street
155 Main Street, Bingley BD16 1AJ
1 July 2021
Birmingham Erdington
112 High Street, Erdington B23 6RS
29 July 2021
Bishopsgate
224 Bishopsgate, London City EC2M 4AN
24 June 2021
Blaby
9 Crossways House, Blaby LE8 4DD
1 July 2021
Bletchley
24 The Concourse, Brunel Centre, Bletchley MK2 2DL
8 July 2021
Bramhall
3 Woodford Road, Bramhall SK7 1JN
5 August 2021
Brighouse Commercial Street
26 Commercial Street, Brighouse HD6 1AQ
15 July 2021
Brighton London Road
16 London Road, Brighton BN1 4HY
1 July 2021
Bristol Bedminster
95 East Street, Bedminster BS3 4HA
29 July 2021
Camberwell
34 Denmark Hill, Camberwell SE5 8RZ
29 July 2021
Castleford Carlton Street
51 Carlton Street, Castleford WF10 1AN
29 July 2021
Catford
162 Rushey Green, Catford SE6 4JT
8 July 2021
Cheadle
16 High Street, Cheadle SK8 1AJ
8 July 2021
Chelsea Kings Road
138 Kings Road, Chelsea SW3 4XB
8 July 2021
Chester-Le-Street
57-59 Front Street, Chester-le-Street DH3 3DD
8 July 2021
Chingford Old Church Road
35 Old Church Road, Chingford E4 6SJ
1 July 2021
Chiswick
336 Chiswick High Road, Chiswick W4 5TL
15 July 2021
Chorlton-cum-Hardy
575 Wilbraham Road, Chorlton-cum-Hardy M21 9AB
8 July 2021
Clifton Whiteladies Road
107 Whiteladies Road, Bristol BS8 2PB
15 July 2021
Cobham
13 High Street, Cobham KT11 3DH
12 August 2021
Cosham
81 High Street, Cosham PO6 3BL
12 August 2021
Coulsdon
138 Brighton Road, Coulsdon CR5 2XR
29 July 2021
Dagenham
247 Heathway, Dagenham RM9 5BG
15 July 2021
Dalkeith
25-27 High Street, Dalkeith EH22 1LD
22 July 2021
Dalston
86 Kingsland High Street, Dalston E8 2PG
12 August 2021
Darwen
10-11 Market Street, Darwen BB3 1DN
12 August 2021
Dewsbury
12 Northgate, Dewsbury WF13 1DT
12 August 2021
Dudley Merryhill
Merryhill Centre, Dudley DY5 1SY
24 June 2021
Edinburgh Morningside Road
356 Morningside Road, Edinburgh EH10 4TE
29 July 2021
Enfield Hertford Road
199 Hertford Road, Enfield EN3 5JH
5 August 2021
Finchley High Road
760 High Road, Finchley N12 9QH
24 June 2021
Fulham
421 North End Road, Fulham SW6 1NY
5 August 2021
Glasgow Kilmarnock Road
110 Kilmarnock Road, Shawlands G41 3NN
8 July 2021
Glasgow Sauchiehall Street
147 Sauchiehall Street, Glasgow G2 3EW
24 June 2021
Gosforth
129-131 High Street, Gosforth NE3 1HG
29 July 2021
Grays
30 High Street, Grays RM17 6LU
29 July 2021
Halesowen
9 Hagley Street, Halesowen B63 3AS
22 July 2021
Hanover Square
14a Hanover Square, London W1S 1JL
1 July 2021
Harborne High Street
182-184 High Street, Harborne B17 9PP
5 August 2021
Harold Hill
69 Farnham Road, Harold Hill RM3 8XA
22 July 2021
Harpenden
31a High Street, Harpenden AL5 2RU
22 July 2021
Hatfield
11 Town Centre, Hatfield AL10 0NY
1 July 2021
Hayes Station Road
16 Station Road, Hayes UB3 4DY
8 July 2021
Haywards Heath
37-39 South Road, Haywards Heath RH16 4LQ
1 July 2021
Hempstead Valley
27 Hempstead Valley Shopping Centre, Gillingham ME7 3PQ
Morrisons is back on cashback app Airtime Rewards for some users, meaning you can get 10% back on spending over £30 with a connected Visa or Mastercard. You’ll get the money back as credit towards your mobile contract.
And potentially you can stack this with offers from your bank. For example my Natwest Rewards account is offering another 10% back when you spend £40. If I connected my Natwest debit card to Airtime Rewards both these offers should apply, giving 20% back.
Your weekly digest of the biggest money stories from the last seven days.
My guest for this episode is Iona Bain, personal finance journalist and founder of the Young Money blog. Together we’ll help you get up to speed with what’s been going on. This week we’re looking at:
How long it’ll take for people’s finances to recover from the pandemic
Increases in young people and women investing
Permanent working from home
90 hour working weeks
& more
Or you can also listen to Cash Chats on all podcasting apps. Click through to your favourite
More from Cash Chats
If this episode has saved you money, please do tell a friend!
I’m a huge fan of cashback credit cards and do most of my spending on them. It takes very little effort but makes me more than £200 each year on spending I already plan to do.
And there are ways you can boost how much you make, from how and when you apply through to where you spend.
Or you can also listen to Cash Chats on all podcasting apps. Click through to your favourite
More from Cash Chats
If this episode has saved you money, please do tell a friend!
This week my answers to your questions are all about savings.
I love hearing from you, whether it’s on the blog, social media, YouTube or on email. Often you’re asking me questions about your finances, and I’m always glad to help if I have the time.
But I realised that my answers could also be useful to other followers. So I’ll be putting my responses to the best questions into regular articles here on the blog.
Keep reading for some of the questions I’ve been asked, plus the video live from last week with even more!
Watch last week’s Q&A
How much should I save in cash?
How much do I need to save in cash?
Rhonatur, via Instagram
The general rule is to have cash to the value of three to six months of essential expenses easily available to you so that you’d be able to cover the bills and feed yourself if you lost your income in the short term.
Of course, based on the last year you might feel that you want access to more cash. You also need to factor in any other things you are saving for.
Beyond this you can look to lock savings away for longer periods, potentially in investments, your pension or by overpaying your mortgage.
Where should I save my £15,000?
Regular savers end
Hi. I currently pay the maximum into the top paying regular savers. I also have the Virgin Money current account and the Club Lloyds currently account. I also have LISA which i max out. I will shortly be receiving £5,000.00 and want to pay in £500.00 a month. Am I better off using my Virgin Money instant saver or opening a Halifax Reward account. It’s £15,000 in total. Thanks
Andrew, via Instagram
Hi Andrew
So £15k… I’d do £1k Virgin Money, £5k Club Lloyds and then filter to its regular saver, £9k Chip+1 or Premium Bonds!
I’d also open a Halifax Rewards but go for the £500 debit card payments rather than savings option. Here’s my guide to how it works.
Do we need the tax-free benefits with ISAs?
If you are a standard rate tax payer, is it true normal ISAs are of not much of a tax benefit.
Kian, via YouTube
Yes, that’s true. There’s something called the Personal Savings Allowance that means most of us can earn £1,000 in interest tax-free each year. When you consider you only need to save enough to cover emergencies and things you are saving for in cash it’s practically impossible to do that with savings rates as they are. Here’s more on the PSA.
How many regular savers do I need?
I have a Club Lloyds regular saver, Lloyds monthly saver, Halifax regular saver and Principality regular saver. I have another £500.00 a month to put away. Would you recommend the Coventry Building Society
Andrew, via YouTube
Right now the Coventry Building Society pays 1.05% which is better than other options – though it is variable so could fall in value. It’s a perfectly fine account for its purpose.
Can I use a LISA and normal ISA too?
I have a Lifetime ISA and a Help to Buy ISA, can I still take advantage of the traditional Cash and Stocks and Shares ISA’s too.
Giles, via YouTube
Yes, you can. There’s a limit of £4,000 a year you can put in the LISA and that comes out of the total £20,000 annual allowance. So there’s a max of £16k you can put in any combination of other ISAs.
When is the deadline for withdrawing from a Lifetime ISA with the lower penalty?
Andy, can providers IMPOSE A DEADLINE earlier than 5th April for LISA withdrawals at 20%?If we want the 20% penalty surely we have until 5 April as that is still in tax yr
Rebecca, via YouTube
I think this is down to Easter bank holidays, combined with the time it takes to process the withdraw as the penalty changes when the money is taken out, not when you ask for that to happen.
