At a time when household finances are subject to immense pressure due to the intensifying cost-of-living crisis, HMRC has launched an online resource providing an easy reference hub for taxpayers.

To ensure people are not missing out on reliefs for which they are potentially eligible, the tool hosts information on the tax reliefs and financial support available, as well as providing valuable online guidance and tools to help people check their eligibility for each relief.

Areas highlighted by HMRC include:

Childcare

• Child Benefit – you can claim Child Benefit if you’re responsible for bringing up a child who is under 16, or under 20 if they stay in approved education or training

• Tax-Free Childcare – you can receive financial support for each of your children to help with the costs of childcare.

Work-related expenses

• Tax relief on work-related expenses – you can claim tax relief on things like work uniform and clothing, tools, subscriptions or business travel.

Savings

• Marriage Allowance – this allows you to transfer 10% of your personal tax allowance to your husband, wife or civil partner if you earn less than the personal tax allowance

• Help to Save – if you’re entitled to Working Tax Credit or you’re receiving Universal Credit, Help to Save is essentially a savings account which provides a bonus as you save

• Child Trust Funds – a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011.

In addition, if you’re concerned about paying your tax bill, HMRC are offering assistance, including the ability to pay in instalments to make it more affordable.

Director General for Customer Services at HMRC, Myrtle Lloyd commented on the new initiative, “We understand these are very difficult times for many so it’s vitally important we continue to highlight the range of support available. We’d encourage those who think they may be eligible for support to take a look and claim what they’re entitled to – it could make an important difference to household budgets at a time when it’s needed the most.”

For more information on the HMRC guidance visit www.gov.uk/guidance/check-what-financial-help-you-can-get-from-hmrc

Sensible financial planning can help to reduce the amount of tax you pay and safeguard your wealth for the future. We can help – please get in touch.

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change. The Financial Conduct Authority does not regulate tax planning.