75% of Brits have carried on with the daily walks started during lockdown because it’s free exercise, and good for their mental health

Q

What are Premium Bonds and are they a good investment?

A

Premium Bonds, offered by National Savings & Investments, don’t pay interest. Instead, savers are entered into a monthly draw offering tax-free prizes of between £25 and £1 million. A total of £314.3 million is currently up for grabs each month, and the prize fund rate is at its highest level for 14 years, increasing the number of prizes and chances to win. You get the security of placing money with a Government-backed institution, and if you win the jackpot ‘Agent Million’ will knock on your door and tell you.

Q

Is it cheaper to use lamps rather than switching on the ‘big light’?

A

It depends on the type of bulb used. Small side lamps are designed for close-up use and will usually have a lower wattage. According to uswitch.com, a bright ceiling light for a large room would typically consume 10W, costing 56p to run eight hours a day for a week. Meanwhile, a bedside lamp with a 5W LED bulb would cost you 28p for the same period.

Q

How does making a Gift

Aid donation work?

A

Donations to charities by individuals are tax free. If you pay income or capital gains tax, by ticking the box to claim Gift Aid, you let the charity claim back the tax you’ve already paid on money you’re donating.

This means if you donate £100 to a charity, it can claim back Gift Aid at the basic rate of income tax of 20 per cent, effectively increasing your donation to £125 at no extra cost to you. The charity can only claim back tax at the basic rate, so higher or additional rate taxpayers can claim back the remainder themselves on a self-assessment tax return.