Pound to £5k Challenge

EDITION 126

There has been a good amount of noise around personal finance this week with a few unexpected tax rule changes and Nationwide’s £400m profit distribution to 4 million customers, here’s everything I think you should know about…

Not caught up on my previous emails? You might have missed a golden opportunity from the last few weeks - tap the link below to view them!

Tax Changes Announced

Don’t get overly excited as these aren’t as good as they could have been, but for those that this impacts it is somewhat good news!

Increase in mileage allowance

This impacts anyone who uses their personal vehicle for business (e.g: vehicle is not owned by the business itself) and claims the HMRC approved mileage rate for business miles carried out

This could be for employees submitting expense claims or for business owners, for the last 15 years this has remained at 45p per mile for the first 10,000 miles completed per tax year and 25p per mile thereafter

This week, the Chancellor announced that a 10p increase per mile on the 45p rate was now in play backdated to 6 April 2026 representing an additional £1,000 tax-free for those who max out the 10,000 mile limit per year

If you have already claimed mileage for this tax year, you should now amend those claims. Please note that some employers may pay less than the HMRC approved rate and where this is the case you can claim tax relief on the difference in the rate you receive versus what you could have got

VAT cuts for family costs this Summer

This week we also learned of the Government’s plans to cut VAT from 20% to 5% on the following supplies from 25 June to 1 September 2026:

• Children’s meals served in restaurants (not takeaway)

• Child & family tickets for cinemas, theatres, exhibitions, shows and concerts

• Adult & child admission tickets to amusement parks, zoos, museums, fairs, circuses, adventure parks, soft plays

It is KEY to note that the onus is on businesses to pass on the VAT saving as it is them who collect the VAT and pay it across to HMRC. I anticipate some small businesses may keep prices as they are and pocket the additional 15% margin themselves - so do be aware of this

In theory, this should make Summer activities for families cheaper and may hopefully stimulate spending on luxuries that has stagnated in recent months

For businesses that are impacted, hopefully your accountant will be able to liaise with you on what this means for you but if they haven’t or you wish to speak to an accountant about this please get in touch and I can organise a conversation for you

4 Million people get £100 (again!)

Nationwide have had a special place in my heart since they launched the Fairer Share programme a few years ago and, since then, I have shared EXACTLY how to get £100 per year for free by setting out the steps you need to take to meet the criteria, a lot of this is guesswork based on previous criteria - but guess what, I got it right again so…

If you read that post and followed my instructions, you’ll be getting £100 in June - if you didn’t but are a Nationwide customer, check out the link below to see if you could be getting your hands on £100!

NEW £175 Bank Switch Offer (No. 1)

Nationwide have also just launched a new bank switching offer to attract new customers who didn’t receive Fairer Share payments this year

It pays £175 provided you:

1. Switch a current account to a new or existing FlexDirect, FlexAccount or FlexPlus account

2. Transfer 2+ active direct debits with this switch

3. Pay in £1,000+ and make 1 debit card payment within 31 days

You cannot be switching in from a Nationwide or Virgin Money account

You can do this offer TWICE but you can only get paid for each element once (ever):

• For switching a sole current account

• For switching a joint current account

NEW £175 Bank Switch Offer (No. 2)

Bank of Scotland have just launched their switching offer which pays £175 and is a good one to consider provided you:

• Haven’t received a switching incentive from Lloyds, Halifax or Bank of Scotland since 1 January 2023

• Aren’t switching from Lloyds or Halifax

You need to:

1. Switch a current account to a Classic account

2. Transfer 3+ active direct debits with this switch

   (these must be active on the old account before you switch)

3. Complete the switch by 29 June 2026

£40 with £100+ spend at The Ivy

Until 31 May 2026, get an additional £40 dining credit when you spend £100+ at The Ivy Collection restaurants (excl. service charge). Cannot be combined with other offers nor used on set menus.

2% Cashback with Chase (soon)

From 1 June, Chase are upping their cashback offering to 2% from 1% when you use your debit or credit card PROVIDED you make 15+ payments using your card per month and hold £1,000+ across your Chase savers in the prior month…

You can get 2% back on:

• Groceries

• Restaurants & cafés

• Takeaways

• Convenience stores

• Travel and EV charging

• Fuel

The cashback is capped at £20 per month and whilst this is obviously good news for those who use Chase, I would say that the debit card spending can be beaten by using cashback apps such as EverUp on all of the above apart from fuel, EV charging and convenience/ local stores

FREE Crisps for Sky Customers

Sky have been releasing weekly gifts for their Sky VIP customers (simply download the MySky app and you’ll get access)

This week you can get a FREE bag of Sainsbury’s Taste the Difference crisps - this does not work at small high street stores

You only get 60 minutes to scan the barcode from activating it so don’t activate too early and assume you’ll need help from a colleague as they can be temperamental to scan yourselves! I would recommend heading to a self-scan till rather than a scan as you shop till as the barcode readers are more receptive of the moving barcodes!

Not a Sky customer? If you’re thinking about joining Sky, you can get a bonus if you sign up through a referral link. Message me for mine!

BEST Free Money Offers

Robinhood - Free Share worth up to $175

Robinhood is a commission-free investing app used by millions in the US and new UK customers who open an account through my link can get a free share worth between $7 and $175 for depositing just £1

Klarna - FREE £25

It is no secret that I do not love Klarna, their overall tactics and position in the Buy Now Pay Later market is something that doesn’t sit right with me

However, they have launched a new debit card referral scheme which is worth looking at in isolation

This works for existing customers who do not have a debit card with them

How to get £25

1. Message me “KLARNA” on Instagram for a referral link

2. Enter your email address at the link I send you

3. Create an account and sign up for the Klarna Card

4. Add this card to a digital wallet (Apple Pay, Google Pay, etc.)

5. Spend £5+ 3 times with the card

   • Top-ups no longer work and this must be made up of legitimate spending (I suggest splitting your grocery shop into 3 transactions at the self-checkout)

6. You will receive £10 into your “cashback” pot

7. Redeem this into your card

8. Message me when you’ve done this and I will pay you £15 on top

9. You can then spend the £10 on the card or top up Revolut, etc and close the account should you wish

10. You should also be able to refer your family and friends to complete the same, earning £40 per referral (capped at 10)

According to Klarna’s own terms and conditions, there will be no impact on your credit score when applying for the Klarna Card which is a debit card product

Please note that my decision is final and the £15 bonus will only be paid once the owner of the referral link receives their referral bonus and anyone who appears to be attempting to ruin the good nature of this offer will not be paid, £15 cashback will be paid by bank transfer

Trading 212 - Free Share worth up to £100

Trading 212 is one of Europe’s largest commission-free investing apps that I have been using since 2020 and is my main investing app used for my 5-figure portfolio

New customers who open an investing account or ISA through my link can get a free share worth up to £100 when you deposit £1+

AD - The Bank Engine is an affiliate partner of Trading 212 and will receive a commission if you open an account through my link - Capital is at risk

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