In this week’s Enews, we look at HMRC’s payment reminder to self assessment taxpayers. There is also the government’s latest drive to reconnect young savers with Child Trust Funds and a research on the best methods to drive down youth unemployment to update you on.
News - 10 July 2026
Taxpayers urged to get ahead of July self assessment payment deadline
HMRC is reminding millions of self assessment taxpayers to prepare for the 2025 to 2026 tax year second payments on account 31 July deadline.
The tax authority says that taxpayers can set up monthly or weekly payment plans and any payments already made via these plans will count towards their next self assessment tax bill.
Payments can be done via the HMRC app, with nearly two million self assessment taxpayers doing so since its introduction in January 2022. It makes it easy for people to pay towards their tax bill, set payment reminders and track and view their payment history.
Myrtle Lloyd, HMRC’s Chief Customer Officer, said:
‘We know managing a self assessment tax bill isn’t always straightforward and we are here to help. From paying instantly via the HMRC app to spreading the cost through a payment plan, there’s support available for every customer.
‘Search 'Pay your self assessment tax bill' on GOV.UK to choose the payment option that works for you.’
Internet link: HMRC press release
Government steps up drive to reconnect young people with £1.6 billion in unclaimed savings
The government is stepping up its efforts to reconnect young people with unclaimed savings in Child Trust Funds (CTFs).
Around 6.3 million Child Trust Fund accounts were opened for children born between 1 September 2002 and 2 January 2011.
More than 750,000 young adults still have unclaimed matured accounts, holding £2,200 on average and totalling over £1.6 billion.
CTFs were introduced to give every child a financial asset at adulthood. However, accounts can go unclaimed for a number of reasons, including difficulty locating them, people forgetting they have them, or a decision to leave the funds invested for the time being.
The government has set up a Child Trust Fund Taskforce, bringing together CTF providers to drive a coordinated effort to increase reunification of accounts.
Members of the Taskforce will include One Family, Coutts, Nationwide, HSBC UK, Pilling, The Coventry (Co-operative), Sheffield Mutual, Unity Mutual, Forester, Healthy Investments and The Share Foundation.
Rachel Blake, Economic Secretary to the Treasury, said:
‘Too many young people are missing out simply because they are not aware of where their CTF is or how to access it.
‘We are acting to fix that by bringing government and industry together - improving coordination and making it easier for people to find and claim what’s rightfully theirs.’
Internet link: HM Treasury website
Targeted subsidies are needed for firms to tackle Britain’s NEETs crisis
Targeted subsidies, rather than expensive tax breaks, are the most cost-effective way of supporting employers to get young people into work, according to Resolution Foundation analysis.
The think tanks warns that the number of young people not in employment, education or training (NEET) passed one million earlier this year. It says this is a crisis that risks scarring the living standards of a generation.
A range of solutions have been proposed to encourage firms to hire more young people. But a Resolution Foundation report shows that there is a vast gulf in their cost-effectiveness.
The report estimated that the Youth Jobs Grant, which offers firms £3,000 to hire an 18-24-year-old who has been on Universal Credit for six months or more, will create 2,800 additional jobs at a cost of around £36,700 each.
The Jobs Guarantee, which funds six months’ part-time employment for those out of work for at least 18 months, comes in at roughly £38,000 per additional job, making it three-and-a half times cheaper than scrapping employer National Insurance contributions (NICs).
Lindsay Judge, Research Director at the Resolution Foundation, said:
‘One million young people outside of work, education or training is a sobering milestone – the highest figure for 13 years, and a reality that risks lasting damage to the life chances of a generation. But reaching for employer tax cuts to resolve this doesn’t add up.’
Internet link: Resolution Foundation website
