Don’t let April deadlines pass you by

With lockdown restrictions due to be eased, Easter cards and eggs to buy and gardens to tend, it’s easy to overlook tax year sensitive tasks and price rises that land from April 1.

We’ve rounded up some areas where you could save money.  

  • Claim up to £1,188 in Marriage Tax Allowance (including civil partners). If you’re a non-taxpayer married to a basic 20% taxpayer, you can transfer 10% of your tax-free allowance to your partner. If eligible, the tax is backdatable, but you need to do it now or you’ll lose a year.
  • Consider disposing of any capital losses to offset against capital gains made elsewhere which may be liable to capital gains tax. You can also carry forward excess capital losses but you must declare them on your tax return within four years.     
  • Get a tax rebate if you wear and wash a recognisable uniform to work. If you wear a uniform at work and have to wash, repair or replace it yourself, you may be able to reclaim hundreds of pounds of tax for up to five years of expenses. 
  • Reclaim tax on PPI payouts ‘statutory interest’. PPI payouts are taxed as savings interest, but unlike savings, 20% is also auto deducted. Basic rate taxpayers can earn £1,000 per year in savings interest untaxed, so you can reclaim. 
  • Reduce energy bills. The energy price cap is going up from £1,042 to £1,138 based on typical use for those on standard credit meters. Compare and switch now. 
  • Check your council tax band. 50% of councils are increasing their bills by a maximum of 5%. This is the ideal time to check that your council tax band is correct and find out if you’re eligible for discounts – for example, you can get a discount if you’re single or on a low income. 
  • Save money on prescriptions. These are rising by 20p to £9.35 from April. Hundreds of thousands of people are overpaying by not getting a prescription prepayment certificate (PPC), which saves you cash if you get on average one or more prescription each month. It’s cheaper to buy one of these before April 1 as the price for an annual one is going up by £2.20 then. 
  • TV licences. These are going up by £1.50 per year from April but you don’t need to pay if you’re over 75 and get pension credit or if you don’t watch live TV or use BBC iPlayer.

Remember that the friendly team at SW&A can assist with any end of year tax queries. Give us a call on 01905 622202.