SUE’S GUIDE TO The Big Money Changes You Need To Know about
Consumer expert Sue Hayward’s savvy finance tips and advice
April is just days away which means a heap of financial changes are about to hit us. Here’s my run down on what you need to know…
Council tax rebate
Council tax bills will be landing on door mats soon and are expected to rise, although some of us will get a £150 rebate as a “one off” from the Chancellor in a bid to ease the pain of rising costs. This applies to homes with an A – D council band rating in England, and Scotland and Wales are also doing the same thing. You should get this automatically and free cash with no need to repay.
National Insurance
Forget the word insurance, this is a tax you pay once your work income tops certain limits. It’s going up 1.25 percentage points, so as an employee, you’ll pay 13.25% instead of 12%. Work beyond state pension age and you won’t pay National Insurance, though you may still be liable for income tax.
Energy price cap
This is rising a whopping 54%, which means many of us (unless we’re on a fixed deal) will see bills rise. Remember it’s not a cap on bills, but a cap on the maximum price suppliers can charge per unit of energy. So if you crank up the heating, bills can still go sky high!
Tax free personal allowance
This is the amount you can earn each year before paying tax, but bad news as the Personal Allowance has been frozen at £12,570 for the next four years.
SUE’S TIPS:
◆ If you’re on a low income, check you’re getting all the financial help you’re entitled to using the free benefits calculator at Money Saving Expert.
WWW.MONEYSAVINGEXPERT.COM/FAMILY/BENEFITS-CHECK/
◆ Get free help from Citizens Advice, StepChange or National Debtline.
◆ Moneyhelper is a Government backed website covering budgeting, tax and pensions, so it’s genuine advice.
WWW.MONEYHELPER.ORG.UK