The impending start of a new tax year fills many with dread. Getting your finances in order can be an arduous process, but it’s always worth taking a step back and assessing your fiscal position as the year commences.
How to Get Your Finances in Order for the New Tax Year – Taxback’s Essential Guide
See if you’re eligible for a tax refund
As the new tax year begins, it makes sense to see if you’re entitled to a refund from the previous one. If you overpaid tax, then you can claim a refund, although few people go to the trouble of checking. Getting a refund is easy, and you can begin simply by inputting a few details into a refund calculator. This will tell you whether you’re entitled to a refund, how much it’s worth, and then advise you on the next steps. Refunds aren’t limited solely to the previous year either, so it’s worth checking back through history.
Find out if you’re owed a UK Tax refund – Online Tax Refund Application
Set a monthly budget – Be Tax Smart
There’s no better way to keep control of your finances in the next tax year than to set a sensible, workable budget. Calculate your monthly income and then determine how much you need to spend on necessities (bills, food shops, etc.). Add to this some luxury spending, any savings, and you’ve got yourself a monthly budget for the upcoming year. Sticking to this makes a huge difference and gives you tangible control over your finances.
Spread big purchases and look after your cashflow
Big purchases are inevitable and can severely disrupt or completely derail your budget. If you take a loan out to fund these purchases it can help you to budget more effectively because it breaks down the large lump sum into more manageable payments. These are simpler to budget for, keep spending under control and can make it easier to stick to those all-important monthly targets. Check out an online loan broker such as CashLady.com to find the lender most likely to accept your application.
Turn off auto renew and haggle – Be Tax Savvy
Nearly all energy tariffs and insurance deals default to auto-renew, which means that when you come to the end of your current contract, you’ll be rolled over onto another one. The best deals are reserved for new customers, and rollover contracts are notoriously bad value. Get your finances in order and save some money by opting out of auto-renewal and taking to the comparison websites to find better deals. You should haggle, too. Most providers will move from their original quote if pressured. MoneySavingExpert even reports a 65% success rate with haggling over mobile phone contracts.
Make a financial plan with your partner
Couples don’t like to talk about money. That can have a detrimental effect on the home finances, but the commencement of a new tax year is the perfect time to broach the topic. Discuss your shared financial aims, ambitions, and saving goals. Joint management of funds is crucial, so one of the first things you should discuss is how hard it is to discuss money! Once the topic is out in the open and both parties have acknowledged any awkwardness, it becomes much easier to maintain an ongoing dialogue.