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New Tax Year Brings New Money Woes

It’s the new tax year.

I’ve submitted my 2017/18 tax return already, I love doing it early doors and getting it out the way. However, April 6th also brought along with it a whole bunch of increased fees and new payments. I’ll discuss a few of these below.

Sugar Tax is now in place and active. Drinks containing more than 5% sugar will incur a lower rate; those with more than 8% will fall into a higher rate. You’re looking at about an 8p increase on a standard can of fizzy pop.

For approximately 10 million households there will be no increase this year in Child Tax Credit, Child Benefit, Jobseeker’s Allowance, some Employment Support Allowance payments and Universal Credit.

Council tax is increasing by about 5% across the board. So from April 1st we’re paying more, without getting anything else for it. It works out about an £80 rise for your average band D property.

As I say that is just a few changes for the 2018/19 tax year, without even mentioning water bill hikes & prescription charges.

Make sure you know how this new tax year will affect you, your family and your household. Find ways to cut back and slash your bills. Everything is costing more and unfortunately, we’re the ones who are bearing the brunt.

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