FAMILY

If you were to gift your child cash and the interest they earned on it was £100+ per year, that interest would be taxed at the rate you pay tax. Interestingly though, if money were to be gifted to your child by a relative or friend, there would be no tax to pay on the interest until it reached £9,440 per year! The only time it would be liable for tax would be if the donor were to die within 7 years of making the gift, so incurring inheritance tax liability.

 

If your child has a mobile phone &/or access to the internet, read this important advice from the NSPCC for parents, on the difficult but very real subject of 'sexting'.

 

If you have a 16/17 year old who is likely to be bored during the school holidays, you may be interested in this government-backed scheme called the National Citizen Service (NCS). Running in the spring, summer and autumn, your young lady or young man would have a short time away from home and take part in a team project that would help their community.  The cost is currently capped at an amazing £50 – sounds a fantastic idea to me, what an opportunity!

 

Here's a quick guide to 33 money-saving ideas for students.

 

If you have a soon-to-be young driver in the family, this quick car look-up tool could be just what you need to help you decide which car to buy that is friendly on the pocket when it comes to insurance.

 

What kind of person do your children think a stranger is? Probably someone who looks strange in their opinion, as opposed to absolutely anyone they don't know. ITV's stranger investigation is scarily shocking and it's worth a look to help us all explain the real meaning of a stranger to our children.  It’s not just unfamiliar adults they need to be aware of, even children they don’t know are strangers – sad but true, the release from prison of a notorious child killer is a stark reminder.  Not meaning to scaremonger (child abductions are so rare), but I had to share.

 

KS1/KS2 financial education games http://valuesmoneyandme.co.uk/quiz/index.html & http://www.funtosave.org/Children/default.aspx

 

If you're thinking about making a simple will, it would be worth bearing in mind that both March and October are ‘Free Wills Month’, sponsored by charities in the hope of a possibility of being made one of the beneficiaries, though no-one is obliged to leave any donation to charity at all.

 

If you think there’s a chance you’ll have to pay back some or even all of the child benefit you receive (i.e. if there's a possibility your gross salary could total between £50k-£60k by the end of the tax year on 5 April), my advice would be to open a savings account (or even an ISA) to pay your child benefit into every 4 weeks. That way, if you do have to pay it all back, you’ll have the money there but with a bit of interest, and if you don’t have to pay it all or even any of it back, you’ve saved some money which you can use to treat the family once you’re sure it’s yours!

 

If you have a bit of garden to spare or are on a waiting list for an allotment, a friend of mine highly recommends landshare.net - it's a brilliant website that brings together people with garden to spare and people who want an extra bit of land to grow their own veg. Through the site 2 years ago, she was contacted by a lovely local chap who has been using the bottom of her garden ever since, maintaining it and growing lots of lovely, fresh veg. So, with the family dinner, they enjoy delicious home-grown vegetables, all produced organically in their own garden and she doesn't even have to lift a finger!

 

    

© 2018 by Jo Stacey.  All rights reserved.

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Tel: 01634379272
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Based in Hempstead, Kent