Money Matters

Transcript

Money Matters

Associazione Prometeo, Reggio di Calabria, ITALY Grundtvig Programme
“Money Matters”
Where money comes from
Money coming into a household can come from different places.
Here we hope to help you:
•
Understand different types of income
•
See if there is extra money that you are
entitled to
•
Work out things like how much tax you
should pay
•
Work out how much national insurance self employed people should
pay
There is lots of information, and also a chance for you to work things out for
yourself.
Choose from any of the following:
1) Wages from an employer
If you are having problems with any employment issue, contact an advice
centre such as a Citizens Advice Bureau. They will be able to help, or will
put you in touch with a specialist who can.
If you are employed by someone to do a job you get a wage. The money
is usually paid directly into a bank, but sometimes may be paid by cheque
or in cash. Wages are usually paid to you weekly or monthly.
The wage before any money is taken away is called the gross wage.
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Your employer should also give you a pay slip. Pay slips can look very
different to each other but should show any money that has been taken off
or added on to your pay. Keep your pay slips safe – you will need them to
claim certain benefits as well as to see if you have been paid the right
amount.
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2) Income from self-employment
If you work for yourself then you are self-employed.
If you are self-employed then you have to pay Income Tax and National
Insurance.
The type of National Insurance that you pay is different to someone who
is employed.
Keeping simple books
If the turnover of your business is less than £15,000 then you do not
need to produce detailed accounts for tax (the turnover is the amount
you take in from customers).
You will need to provide details of your:
•
Total turnover
•
Total business purchases and expenses
•
Net profit.
Keeping records in a book is a great help. You will need records to
claim benefits and to work out your tax and National Insurance. If your
turnover is less than £15,000 a simple record like the one below will be
all you’ll need. Otherwise you should buy a purpose-made accounts
ledger. They are on sale in most stationery shops.
Use a different column for:
Date
Money coming in
Money spent
Notes
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Under Notes write:
•
what the money was made from or spent on
•
who paid or received it
•
if a cheque was written, the cheque number.
Keep everything separate.
At the end of each month add up the amounts.
If your business has a high turnover you should think about using an
accountant. You may also have to pay VAT.
Putting money aside
As a self-employed person you have to pay tax and National Insurance
as well as any running costs. Put aside a proportion of everything you
earn so you can pay your tax when it is due.
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Paying tax
You will have to pay tax on the profit that you make.
To work out the profit you will need the total turnover (total amount
received from customers) and the total allowed expenses.
•
Contact your local tax office for a list of the expenses that are
allowed.
Profit = Turnover – Expenses
To work out your tax
•
Work out your profit for the year (takings less expenses)
•
Deduct your personal allowance (contact your tax office if you don’t
know this)
•
Then find 20% of the rest (as long as your income is below £36,000
above your allowance)
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3) Pensions
Pensions are paid to us when we get older or when we are unable to
work through ill health. How and when they are paid will depend on the
terms of that particular pension scheme.
There are several different types of pension:
•
State Retirement Pension.
•
Occupational or company pensions.
•
Personal pensions.
When your pension is paid to you
•
Payment of pension benefits.
State Retirement Pension
This is paid by the Benefits Agency (Department for Work and
Pensions) when we reach retirement age. Retirement age is different
for men and women, but this is being changed so that men and women
will retire at the same age.
Women born before 6 April 1950 will not be affected. They will be able
Women born after 6 April 1955 will retire at age 65.
Those born between those dates will retire at some time between 60
and 65 - contact your local Department for Work and Pensions
office for details.
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to receive the state retirement pension at 60.
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The amount of State Retirement Pension is based on how much
National Insurance you have paid during your working life. The way that
it is worked out is too complicated to show here as it has changed so
many times.
The pension is split into:
•
Basic Pension
•
Additional Pension - based on earnings
•
Graduated Pension - based on National Insurance Contributions
between 1961 and 1975
•
An increase for certain dependants - such as children
•
An age addition for anyone aged 80 or over
•
An addition for disability if a person was on incapacity benefit shortly
before retirement.
Note: You can get a pension forecast by contacting the Benefits
Agency (Department for Work and Pensions).
The pension will not be affected by any other money you have coming
in to your household. It will count as income against means-tested
benefits such as Council Tax Benefit and Pension Credits.
State Retirement Pension is accepted by Government to be insufficient
on its own to live on. Many people claim Pension Credit in addition to
their pension. This was introduced by the Government in 2003 and
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replaces income support. Pension Credits guarantee everyone over the
age of 60 an income of at least:
•
£119.05 if you are single.
•
£181.70 if you have a partner.
For more information on Pension Credits click here www.pensions.gov.uk/pensioncredit/.
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4) Money from savings and investments
There are many options available for saving and investing money. For
example;
•
you can receive interest on your savings in a building society
•
you will usually get dividend payments from owning shares
•
you can choose an investment fund designed to produce regular
income.
You can produce an income from your savings and investments by
investing a lump sum. You can also
invest a regular amount of money when
you have some surplus cash. If you
invest a lump sum then you can make a
single investment and also combine it
with additional amounts whenever you
want.
It is important to recognise that saving and investing usually involves
some sort of risk. In the 1930s a lot of people lost money when several
major banks collapsed.
Banks use money from savers to invest in stocks and shares,
Government Gilts, money markets and corporate bonds. If the bank
invests it well then the bank makes money. If they do badly the bank
can lose money.
If everyone who has money in a bank asks for it at once then the bank
will not have enough money to pay everyone! This is what happened in
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the 1930s to a bank in Germany, and then to other banks across the
world. The same thing has almost happened recently to banks in Japan,
Germany and America.
Saving and investing involves varying degrees of risk. If you want to
save money in a bank/building society, you will be taking almost no
risks with your money. If you want an income, then the potential income
you can receive will normally be linked to the risk you are prepared to
take with your money.
Generally speaking, the higher the potential returns from an investment,
the greater the risk of losing some or all of the money you have
invested.
The table below shows some examples of the degree of risk.
Some of the questions a financial adviser may ask you include:
•
Have you planned for retirement? Do you want to increase the
amount a pension would pay when you retire?
•
Have you any debts? Is the amount you are paying in interest on a
debt more than investing the money would earn for you?
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Do you want to invest in property? If you live in a council property do
you have the right to buy (your local council housing department can
provide the information)? If you have a mortgage do you want to pay
some off?
•
Are you getting any benefits that may be affected.
•
Do you have an emergency fund fund for unexpected expenses?
If you decide you want to save or invest then you will be asked to
consider:
•
how much to invest?
•
whether to invest in one or several things?
•
what you want to invest in? – there are lots of issues here. It is a
balance between risk and payoff. Some companies offer ethical
investment opportunities if this is important to you.
A financial adviser will be able to help you consider these points.
Easy access to your money
If you just want somewhere to keep your money where you can get to it
then you may want to think about whether you want a:
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5) Grants and loans
Sometimes we need access to large sums of money that we haven't
saved for and have to apply for a grant or a loan.
Grants are sums of money that may be paid to you and don't have to be
paid back. Loans are sums of money that have to be repaid. Before
Most grants count as income for means tested benefits, though some
are ignored.
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asking for a loan it is better to see if you qualify for a grant.
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6) Benefits - general information
Benefits are also sometimes called allowances, pensions, tax credits or
entitlements.
There are many different benefits that can be
claimed. It is important to get advice from an
advice centre, such as the Citizens Advice
Bureau, to be sure that you are claiming every
benefit that you are entitled to. You can also
find out about different benefits at the website of the Department for
Work and Pensions. This section introduces some of the main benefits
but cannot cover all of them.
If you have been told in the past that you don’t qualify for benefits it is
worth checking again. From April 2006, you can have capital (savings
and property) adding up to £16,000 and still qualify for some benefits.

Help with rent and Council Tax.
If you do not have much money coming in and you are responsible for
paying rent, Council Tax or both then you may be able to claim Housing
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Look below to see if any of these situations apply to you.
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Benefit, Council Tax Benefit or both. To claim these contact your local
council.
If you are worried about being behind with your rent then you can ask
for interim payments of housing benefit. These should be paid within
two weeks of providing all of the evidence needed
to support your claim. You do not have to tell your
landlord that you are claiming benefits - some
private landlords do not like people to be on
benefit. You will have to prove how much rent you
have to pay. If you are worried about this ask an
advice centre (the Citizens Advice Bureau for
example) to help you claim.
If the council is taking action against you for being behind with your
Council Tax then you should let them know that you are claiming benefit
and ask them to put a hold on any further recovery action. This may
save you from further costs. Remember that the benefit may not cover
the whole amount you have to pay.

In work.

Having a baby.
If you or your partner are having a baby, you could be eligible for some
form of maternity or paternity benefit to help you take time off work and
contribute to the added costs that a baby will bring.

Statutory Maternity Pay (SMP)
You are eligible for SMP if you have worked for the same employer
without a break for at least 26 weeks by the 15th week before your baby
is due – your doctor or midwife can help you work this out.
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SMP entitles you to 90% of your average weekly earnings for the first
six weeks of maternity leave. For the next 20 weeks, you will receive
either £108.85 a week or 90% of your salary if it is less than £108.85 a
week.
If you don’t plan to return to work after you’ve had your baby, you are
still entitled to SMP.

Maternity Allowance
If you don’t qualify for SMP from your employer or you are selfemployed, you may be eligible for Maternity Allowance, which pays you
£108.85 a week or 90% of your salary if it is less than £108.85. You can
claim this for up to 39 weeks.

Statutory Paternity Pay
If your wife or partner gives birth or adopts a child, you may be eligible
for Statutory Paternity Pay so that you can take time off work to help
with the baby. You must have worked for the same employer without a
break for at least 26 weeks by the 15th week before the baby is due
and you must continue working for that employer without a break up
until the baby is born. You must also earn at least £84 a week before
tax.
Statutory Paternity Pay is paid for one or two consecutive weeks at
£108.85 a week or 90% of your average weekly earnings if they are
less.

Looking after children.
If you are looking after children you can claim Child Benefit for them. If
someone else gets the Child Benefit but the child lives with you and not
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them then you should go to an advice centre such as the Citizens
Advice Bureau. Child Benefit can be extended until after a child is 18 if
they stay at school or go to college. For more information on Child
Benefit, please take a look at the Directgov website.
If you are in paid work (as an employee or self employed) you may be
eligible for Working Tax Credit.
If you have one or more children then you may be eligible for the Child
Tax Credit.
If you are a single parent, or if the other parent is unable to work, you
can claim Income Support. To get Income Support you must be
working less than 16 hours a week, not have too much money saved up
and not have too large an income.
If you claim Income Support you will be asked to go for an interview to
ask you about work that you could do. Your claim may not be accepted
if you do not attend. If you do not think you can go you must contact the
Benefits Agency (Department
of Work and
Pensions).
Extra amounts of money to look after children are
also paid with:
•
Incapacity Benefit
•
Carers Allowance
•
Job Seeker's Allowance.
If a child has a long-term illness or disability you may be able to claim
Disability Living Allowance.
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You will need to show that the child needs more looking after than
another child the same age would do. It is therefore important to fill the
form in as carefully as possible.

Sickness and disability.
If you are off work due to sickness or ill health you should get Statutory
Sick Pay (SSP) from your employer. If you do not get Statutory Sick
Pay you can claim Incapacity Benefit. Statutory Sick Pay can last for
up to six months, at the end of which you will be given a form to claim
Incapacity Benefit.
Not everyone can get Incapacity Benefit - it depends on how much
National Insurance that you have paid. It is a good
idea to claim Income Support. Do not wait for a
decision because Income Support is not normally
backdated.
If you are sick or disabled because of work or
through being in the armed services go to a
Citizens Advice Bureau as other benefits and
pensions may apply.
If you:
•
have difficulty walking
•
need guidance or supervision outdoors
•
are unable to cook
•
need care from someone else
•
need watching over
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Someone may also be able to claim Carers Allowance to look after you,
though if you are on Income Support you may get less money if they
do.
Because of the complexity of these benefits we recommend that you go
to an advice centre for expert help. An advice centre such as the
Citizens Advice Bureau will help you free of charge.

Unemployed but able to work.
If you are out of work then you can claim Job Seeker's Allowance. This
is paid to people who are available for and actively
seeking work. You will have to sign a jobseeker's
agreement to say what you are going to do to find
work. It is important not to place too many restrictions
on what jobs you would take.
If you are 'sanctioned' while you are on Job Seeker's
Allowance you may not receive any benefit for a
time. You can claim hardship payments - you will need to ask about
these. If you are sanctioned for any reason it is best to go to an advice
centre such as the Citizens Advice Bureau for further help.

Under 18.
If you are under 18 years of age you will usually have to register with a
careers centre and make yourself available for youth
training in order to be able to get an allowance.
There may be other money and help that you can get
if you are:

sick or disabled
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pregnant

about to join the army

caring for someone

a single parent

a care leaver.

Over 60.
If you are over 60 then you do not have to be available to work, even
if you have not reached the age when you can get your pension. You
can claim Income Support under the Pension Credit. This is designed
to top up any money that you have to a minimum level.
You may also receive a State Retirement Pension when you reach
retirement age in addition to any works pensions and personal
pensions that you have paid for.
You should receive a pension forecast before you reach retirement
age that will tell you how much State Retirement Pension you will get.
If you have not had one phone your local Benefits
Agency (Department of Work and Pensions) and
ask about this.
Retirement age is still different for men and women.
Women should receive a pension from age 60, men
from age 65.
You can put off getting your pension by having it
deferred. We recommend that you take further
advice before doing this to see whether you will be better off claiming
your pension later.
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There is further financial support available to you if:
 you are a pensioner: You will receive a £200 winter fuel
payment every winter. This will increase to £300 if you are
over 80.
 you are over 60: You are also be entitled to free bus travel
during off-peak travel times.

Making an appeal for benefits.
Many people are turned down for benefits that they should be able to
get, particularly disability benefits such as Disability Living Allowance
and Attendance Allowance. You can appeal against a decision but
you have to do this within one month. Appeals after more than a
month are only accepted in special circumstances.
You will stand much more chance of winning an appeal if you have
help. You can get free help from any Citizens Advice Bureau and also
from law centres and money advice centres.
7) Benefits - post office collection
The Government now pays child benefit, state pensions and war
pensions via Direct Payment. You can collect your payments from the

hold a Post Office card account; or

hold a current account that allows you to withdraw cash
from the PostOffice. Contact your local bank or building
society to find out if you are entitled to this.
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Post Office if you:
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
hold a National Savings Easy Access Savings Account
The Post Office card account
The Post Office card account is designed for receiving benefits, state
pensions and war pensions. The card account
can't be used to receive other payments, for
example wages. You can't go overdrawn with
it and you can't pay bills by Direct Debit. The
account will be opened in your name and will come with a card and a
Personal Identification Number (PIN). Your PIN number should be
kept secret because, together with your card, it allows you to
withdraw money from your account.
Withdrawing money at a Post Office
To collect your money from a Post Office branch, you'll need your
cash card and your PIN number. When you pass your card over the
counter you will be asked to enter your PIN into a keypad that is
standing on the counter. If you enter your PIN correctly, you will then
be able to withdraw money. You'll get a receipt every time you
withdraw cash and you will also receive a quarterly statement if you
hold a Post Office card account.
8) Benefits - direct payment
Direct Payment is the way all benefits, state pensions and war
pensions are now paid. What this means is that instead of having an
order book, your money is paid directly into your bank, building
society, Post Office TM or National Savings Easy Access Savings
Account. The amount you get hasn’t changed, just the way you
receive it.
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The change to Direct Payment gives you more choice over where
and when you collect your money. You can pick it up from your local
bank or building society branch, from the Post Office or, in most
cases, from a cash machine. You can also get all your payments paid
into one account instead of using separate order books and giro
cheques, which could make it easier to manage your money.
You will still be able to let somebody else collect your payments. You
need to ask your bank, building society or Post Office about
authorising somebody else to collect your money for you. This person
is usually referred to as a ‘third party’.
To find out more, contact the Jobcentre Plus or social security office
that deals with your benefits or pensions.
9) Social Housing
The cost of renting or buying a house is rising all the time and many
people find themselves unable to afford a home without financial
help. Having nowhere to live is frightening but help with housing is
available to those who would usually find themselves without a home.
Unexpected events can happen in anyone’s life. It may be that you
have been evicted from your home or are new to the country. Or
perhaps you’ve found yourself in a difficult financial situation and are
unable to afford to stay on where you are or get together the money
to pay for a mortgage.
This section looks at how to find out about the support available.
 What is social housing?
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When we talk about social housing we mean the flats and houses
that are managed by local councils. You often hear social housing
referred to as council housing.
Social housing is available to a range of people. For example, you
could be housed by your local council if you are:

Disabled or have specific needs

Elderly

A single parent

A large or young family with dependant children

A migrant, refugee or asylum seeker

Unemployed
Many people have to leave their homes through no fault of their own,
for example if you lose your job and can’t pay the rent. This is not
your fault and you can ask your local council for help with finding a
new home.
Housing Associations
There are also a number of housing associations that provide social
housing. This sort of housing is similar to the housing provided by
your local council. However, there are a number of differences.
 The main difference between housing association and council
housing is the agreement you will be asked to sign before
moving into your new home. This is known as a tenancy
agreement. If you are a local council tenant you will sign a
‘secured tenancy’. To become a tenant of a housing
association, you sign an ‘assured tenancy’.
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 Housing association tenants do not usually have the ‘Right to
Buy' whereas people living in local council property do. The
Right to Buy enables council tenants to buy their home at less
than the full market value once they have been living there for
at least two years.
 If you are a council tenant, you automatically have the right of
succession. This means that if something happens to the
tenant, the council house will be passed on to someone else
living in the house, as long as they have lived there for 12
months. This right only applies to one succession.
 Can I get help with my rent?
If you are a tenant of a private landlord, landlady, a housing
association, hostel or guesthouse you may be able to claim rent
allowance. This allowance is often called Housing Benefit and does
not depend on you claiming any other benefits.
What is housing benefit?
Housing benefit is money paid by your local council to help with your
rent if you are on a low income. All low-income benefits are means
tested – this means that you will have to prove that you don’t have
enough money to live on.
Housing Benefit may also provide you with some extra money
towards other things that you may have to pay for alongside the rent,
such as children’s play areas or the cleaning of communal areas.
It doesn’t pay for general things like water charges, food or heating,
even if these are included in the cost of your rent.
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Thinking of applying? Here are eight facts you should know:
1. Only one person within the accommodation can claim housing
benefit
2. If you have more than £16,000 in savings, unless you are aged 60
or over and getting the ‘guarantee credit’ of pension credit, you can’t
usually claim housing benefit.
3. If you have savings of more than £3,000, this may affect how much
housing benefit you will receive.
4. There are separate rules for Housing Benefit if you are aged 25
years or under and single.
5. If you arrived in the UK within five years of your claim, this may
affect your housing benefit.
6. Some asylum seekers and people who are sponsored to be in the
UK cannot get housing benefit
7. You cannot usually get housing benefit if you live in a close
relative’s household.
8. You cannot usually get housing benefit if you are a full-time
student, unless you are disabled or have children.
How is housing benefit worked out?
If you apply for housing benefit, the council will look at the money
coming in to your household including:

Earnings
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
Other benefits you receive

Things like occupational pensions
You and your partner’s savings will also be considered as will your
personal circumstances such as your age, the ages and size of your
family, whether you or any of your family are disabled and whether
anyone who lives with you could help with the rent.
The council will also take into consideration the amount of rent and
whether this is reasonable for your particular home, whether your
home is of a reasonable size for you and your family and whether the
amount of rent is reasonable for the area.
For more detailed information you should contact your local council or
social security office.
 How is social housing allocated?
If you apply for social housing, your name and details will be added to
your local council’s housing register.
Social housing is allocated on a points system. People who are
considered to be most in need of social housing are allocated the
most points and are found housing soonest. Your local council will
ask you to answer a series of questions to see how great your need
is.
The government has put together a code to cover how social housing
is allocated but local authorities interpret this code slightly differently.
On the whole, you are understood to be what is known as in ‘priority
need’ if:
 You are responsible for any children;
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 You or someone you live with is pregnant;
 You are homeless because of a flood, fire or other disaster; or
 You or someone you live with is ‘vulnerable’ because of old
age, disability, or for some other special reason.
Special reasons include if you or someone you live with is:
 A young person (16-17) who is homeless;
 A young offender;
 A person leaving care; or
 Under threat of violence, sexual or racial abuse or harassment
Points also take into account the difference between the home you
live in now and the sort of home that is considered suitable for you.
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Points can also be allocated because of problems facing you in your
current home. You will have to apply to your council before you can
be considered for any of these points:
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Further points can be allocated because of people who live in your
household:
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 What kind of housing will I be considered for?
The table below shows what kind of property you would be
considered for based on the size and type of your household:
This table is just a general overview of what kind of property you may
be considered for based upon your circumstances. Please note that
special conditions might apply.
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 Can I choose where I live?
This depends on where you live. Many housing authorities are
moving to a choice-based scheme where available property is
displayed on a website similar to those used by estate agents.
Once you have filled in the right forms and received your points
allocation you will receive an identity number and PIN (Personal
Identification Number). You are then able to bid for the home that you
like best. Bids can be accepted over the phone or via text message
and the successful candidate will be the person with the most points
who has been on the housing list for the longest.
Before you can move into your property, your case will be assessed
again to make sure that your circumstances have not changed.
 What forms will I need to fill in?
You will need to fill in a pre-tenancy determination form and a
housing application form. You may be able to download these from
your local council website, or you can fill
them in at your council's housing office.
If you need additional financial support,
you will also need to fill in a Housing
Benefit
and
Council
application form.
Tax
Benefit
10 dicembre 2008
Gr
2008
“Money Matters”
10) Child Trust Fund
If you thought trust funds were just for the super rich, think again. The
Government is now giving all babies born after 1
September 2002 at least £250 to put towards their
futures.
Called the Child Trust Fund, the Government’s new
initiative is a savings and investment account for
children that will enable their families to build up a pot of money to give
them a boost when they reach adult life.
 How the Child Trust Fund works
When a child is born, its parent or guardian will receive a £250 voucher
from the Government to open a Child Trust Fund account. The account
is in the name of the child and no money can be taken out until it
reaches its 18th birthday.
•
For your children to qualify, all you need to do is make sure they are
receiving child benefit.
•
Child Trust Fund accounts will be available from places such as
banks, building societies, friendly societies and insurance companies,
and you can choose how you want to invest the money for your child,
for example in a bank account or an investment linked to the stock
market.
•
To help the nest egg grow, family and friends can top it up to as much
as £1,200 a year until the child’s 18th birthday.
10 dicembre 2008
Gr
2008
“Money Matters”
Any interest that the money earns will be tax free, helping the money
•
to grow faster over the years. To find out more about how interest helps
money grow, have a look at our section on interest.
Some babies will get more money. If you receive a Child Tax Credit
•
and have an annual income of £13,480 or less, the Government will
give your child an extra £250, making the total up to £500.
The Government has said it will make a second payment of £250 (or
•
£500 if the child qualifies) into the account on the child’s seventh
birthday.
The account belongs to the child so no one else can touch the
•
money.
You can’t escape! If a year goes past and you haven’t used your
•
voucher, the HM Revenue & Customs will set up an account for your
child.
If you want to find out more information, including the sorts of Child
Trust Fund accounts that are available and how to open one,
visit the Government’s Child Trust Fund website.
 Why is the government giving this money away?
There isn’t a catch. The Government has decided that it wants all
children to reach the age of 18 with some money behind them. And
there isn’t a restriction on what it can be used for.
•
town.
A car could make a big difference to a young person living out of
10 dicembre 2008
Gr
2008
“Money Matters”
•
Education costs are rising but spending money on it could be an
investment in itself.
•
A gap year before further education or work is a great way to get
some life experience but funding one doesn’t come cheap.
The Government is also hoping that the new Child Trust Fund will get
families to talk about finances and help children understand how to
manage their money as they grow up.
10 dicembre 2008
Gr
2008

Money Matters

Transcript

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