Martin Lewis The Money Saving Expert has warned Britons that they could face a fine. The financial expert is known for giving advice on money issues, and he has now warned homeowners that they could receive a huge £1000 sanction if they don’t fill out a simple form. Speaking on BBC5 live radio, Martin revealed that most people will be sent a housing enquiry form around this time, however, some may confuse this for junk and throw it away. He said: “Many people between July and November get sent a Household Enquiry form. This is a form from the council right across the country. It’s effectively asking you to check whether the right people in your household are registered to vote.”
Martin Lewis Money Saving Expert: Warns households of £1000 fine
While homeowners may naturally throw away the form, Martin warned that this could lead to a fine if there are changes in the household and it hasn’t been communicated.
He continued: “Now if you don’t deal with that properly – check and tell them the difference – there can be a thousand pound fine.
“It’s rare but the problem with this form is that I always think it looks like junk mail. This is just a note that if you get the Household enquiry form or you’ve got it or you’ve had it and you’ve thrown it away, you do need to check that it’s right. “
Martin advised households that if they’re bothered about receiving junk mail, they can opt out.
“People often get confused and think that they get junk mail because they’re on the electoral register. Now there’s a separate thing called The Open Register, where companies can market to you. You can opt out of the Open Register. It will not affect your credit file and you won’t get the junk mail, but you will still be registered to vote,” he explained.
Yesterday, the money expert appeared on This Morning and spoke out how customers can reclaim the tax on the PPI pay-outs.
The deadline for reclaiming mis-sold PPI was last Thursday, and Martin said those who missed the deadline could still be eligible under exceptional circumstances.
He advised them to contact the bank and explain. However he revealed that those who managed to meet the deadline could also be owed tax, which they would have paid on their pay out money.
Speaking to the ITV show viewers, he said: “The opportunity to reclaim mis-old PPI ended last Thursday, and over the past decade or so, on the back of my heavy campaigning on reclaiming mis-sold PPI, hundreds of people have got in touch to say they’ve successfully claimed mis-sold PPI.”
“Therefore it counts as savings interest as if you’d earned it on your saved cash. This applies even if the PPI pay out was used to pay off existing debts with the lender, or went towards claims firms’ costs, as you are still benefiting in the same way.”
On 6 April 2016 the personal savings allowance (PSA) launched. It allowed basic 20 per cent rate taxpayers to earn up to £1,000 a year of savings interest tax-free, higher 40 per cent rate taxpayers can earn £500 and top 45 per cent rate taxpayers don’t get anything. The statutory interest from PPI pay outs counts within personal savings allowance.
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