Ukrainians on Universal Credit offered £1200 bonus: how to receive it.

According to The Sun: Thousands of households receiving Universal Credit risk losing the opportunity to receive free money of £1,200.

This money can be obtained through the 'Help to Save' scheme, which offers a 50% bonus on your savings.

The 'Help to Save' scheme is designed to help people build a solid savings fundAlamy

The scheme has recently been expanded, so anyone receiving Universal Credit and having earned at least £1 in the previous assessment period can apply to participate.

The 'Help to Save' scheme was introduced by the government as part of the Autumn Budget last October.

Ministers also extended the programme, which was due to finish in April this year, until April 2027.

The expansion of the scheme to all working Universal Credit recipients means that an additional 550,000 people can benefit from it, and a total of 3 million people can apply for the scheme.

What is 'Help to Save' and how to apply for it

'Help to Save' is a savings scheme aimed at low-income people receiving Universal Credit.

The government provides you with a tax-free bonus of 50% on all your savings.

You can save from £1 to £50 per month in a 'Help to Save' account and keep it open for up to four years.

If you deposit the maximum £50 each month for four years, you will receive £1,200 for free from the government.

Bonuses are paid at the end of the second and fourth years of account ownership.

You can apply for a 'Help to Save' account at www.gov.uk/get-help-savings-low-income/how-to-apply.

You can also apply through the HMRC app, which is available for free download from the Apple App Store or Google Play.

To apply, you will need your national insurance number or postcode, as well as two of the following documents:

• A valid UK passport
• A UK driving license issued by the DVLA (or DVA in Northern Ireland)
• Tax credit data, if you have claimed them
• Tax return data for the last 2 years, if you have filed one
• Information from your credit report, if you have one (such as loans, credit cards, or mortgages)

Additionally, you will need to provide your UK bank details during the application.

If you are not yet receiving Universal Credit, it is worth checking if you are eligible for it.

Recent data from Policy in Practice indicates that about £8.3 billion in Universal Credit goes unclaimed by over 1.4 million people each year, with the average payment being £5,772 per year.

Universal Credit can not only provide you with thousands of pounds a year, but you may also receive additional payments on top of the standard amount.

For example, you could receive coverage for childcare costs or housing benefit supplements.

This also opens access to the Household Support Fund, concessionary tickets for attractions, and free NHS prescriptions.

“We have a comprehensive overview of free services and discounts available to you if you are on Universal Credit in August here.”

Participating in the 'Help to Save' scheme can be a beneficial step for many Universal Credit recipients. With savings bonuses, citizens have the opportunity to not only accumulate financial reserves faster but also improve their financial situation, which is especially important in times of economic instability. Given the large number of people who do not receive their rightful benefits, it is essential to pay attention to these opportunities and take advantage of them.