More than one million British Gas customers will have lower bills from this weekend.With the interest rate on savings accounts rising over the last year, it's much easier to breach this personal savings allowance, which makes looking at ISAs even more important. Those in the basic rate tax band can earn up to £1,000 in interest on savings without paying tax on it.īut if you are in the higher tax rate band, this falls to £500 – so it is important to check which band you fall into before trying to take advantage of this allowance before the tax year ends. His first tip is to make the most of your personal savings allowance – which will be different depending on which tax band you fall into. Make sure the interest on your savings is protected from the tax man, by depositing in an ISA (Image: Dilok Klaisataporn/Getty Images) “These five top tips will help you understand how tax year end might affect your finances, and what simple steps you can take that might save you money and make you money.” “Tax allowances do not roll over into the next tax year, so it’s a case of “use it or lose it”. “We can all be guilty of leaving things until the last minute, and committing to sit down and spend some time reviewing and planning our finances can be a struggle. The advice includes maxing out your Lifetime ISA account, and checking your pensions contributions, both of which entitle you to “free money” from government top-ups to your contributions.Īnd self-employed workers earn their first £1,000 tax-free – and should check if they have any of this left to claim before the new tax year starts.īrian Byrnes, head of personal finance at digital wealth manager Moneybox, said: “As we head towards the end of the 2022/23 tax year, now is the time to check you’re taking full advantage of the tax wrappers available, to ensure your money is working as hard as it can for you. With tax year end just days away, a finance expert has shared his five top tips for what to do before April 5 to get the most out of your hard-earned cash.
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