With rising costs on the horizon, now is the time for households to make smart financial moves before April. From energy bills to council tax, several key expenses are set to increase. Experts like Martin Lewis are offering essential advice on how to manage these changes and reduce potential impacts. <\/p>\n\n\n\n
According to DevonLive<\/a><\/strong>, there are a number of proactive steps you can take to ensure you’re prepared for the upcoming financial shifts.<\/p>\n\n\n\n The deadline for using your \u00a320,000 ISA allowance is fast approaching, ending on April 5. By investing in a Cash ISA, Stocks and Shares ISA, or Lifetime ISA, you can protect your savings from tax. <\/p>\n\n\n\n Missing this allowance before the deadline means losing it for the year, as it cannot be carried over. Martin Lewis stressed that if you have the funds, you can fill this year’s allowance now and then add another \u00a320,000<\/strong> starting April 6.<\/p>\n\n\n\n Junior ISAs<\/a> (JISAs) offer a tax-free savings option for children under 18. Parents can contribute up to \u00a39,000 each tax year to their child’s Junior ISA. <\/p>\n\n\n\n The savings grow without tax liabilities, and children can earn up to \u00a3100 in interest without paying tax, or \u00a3200 if both parents contribute.<\/p>\n\n\n\n For those looking to invest, you can contribute up to \u00a320,000 in a Stocks and Shares ISA. These investments are exempt from dividend tax and Capital Gains Tax<\/a>, making them an attractive option for long-term savings. <\/p>\n\n\n\n However, there are risks involved, and market fluctuations can affect your investments.<\/p>\n\n\n\n If you\u2019re saving for your first home, the Lifetime ISA offers a 25%<\/strong> bonus on savings, equating to up to \u00a31,000<\/strong> free per year. However, there are restrictions on withdrawals\u2014funds must be used for purchasing your first home or for retirement, or you\u2019ll face a 25% penalty for early withdrawal.<\/p>\n\n\n\n Married couples may be eligible for the Marriage Tax Allowance, which allows them to transfer \u00a31,260 of their personal allowance<\/a> to their partner. This could lead to tax savings of up to \u00a31,258 for the current tax year (2024\/25). It\u2019s possible to backdate claims for the past four years, potentially reaching \u00a31,258. The deadline to apply for backdating is April 5.<\/p>\n\n\n\n If you are responsible for the upkeep of your work uniform, you could be entitled to a tax rebate. The standard allowance for uniform costs is \u00a360, and for basic-rate taxpayers, the rebate could be \u00a312<\/strong>. Higher-rate taxpayers can reclaim \u00a324<\/strong>.<\/p>\n\n\n\n Many people are paying too much tax due to incorrect tax codes. It\u2019s your responsibility to check your payslip for errors. If your tax code<\/a> is incorrect, you could be due a refund for the last four tax years. Checking your tax code and addressing discrepancies directly with HMRC could lead to significant savings.<\/p>\n\n\n\nMaximise Your ISA Allowance<\/h2>\n\n\n\n
Consider Investing in Stocks and Shares ISAs<\/h2>\n\n\n\n
Claim the Marriage Tax Allowance<\/h2>\n\n\n\n
Verify Your Tax Code<\/h2>\n\n\n\n