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Liverpool Echo
Liverpool Echo
Business
Kate Lally

Martin Lewis' 11 tips to save thousands of pounds in new tax year

Martin Lewis has issued a list of things people can do to save money ahead of a raft of price hikes that will come into force next month.

The finance guru hosted a special end of series edition of The Martin Lewis Money Show Live on ITV1 on Tuesday night from Liverpool, where he took aim at the slew of price hikes due to start in April. And fans who are signed up for updates from his Money Saving Expert newsletter have been urged to take action.

In a weekly newsletter sent out on Tuesday, Mr Lewis told people of a huge eleven ways they may be able to save money.

READ MORE: Martin Lewis urges everyone to 'send two texts' before April

Here are the steps Mr Lewis is urging people to take ahead of April.

1. Apply for marriage tax allowance

Around two million couples eligible for marriage tax allowance don't currently claim it. To be eligible you must be married or in a civil partnership, and one must be a non-income-taxpayer with the other a basic 20% taxpayer.

You can also claim back for four years worth of the allowance, which could mean a saving of as much as £1,242. One Martin Lewis fan said she recently received a cheque for £1,000 after applying for marriage allowance.

Read the MSE article in full here

2. Reclaim tax on PPI payouts

If you're one of the millions of people who reclaimed for PPI, you may be due cash back in the tax paid on it. MSE says the tax taken can be £1000+ if you received a big payout.

Read the MSE article in full here

3. Boost State Pension by buying missing national insurance (NI) years

The deadline for this has now been extended to July 31, but it's worth doing as soon as possible. If you're aged between 45 and 70, MSE says, this is worth considering.

People can top up gaps in their NI years if needed, as you'll need around 35 to be eligible for a full State Pension. Mr Lewis has previously said this can see people turn £800 into £5,500.

Read the MSE article in full here

4. Check your payslip

People should check their wage slips as soon as possible before the new tax year as they could lose out if they don't. If the deadline is missed and it turns out your tax code was wrong, you won't be able to reclaim the money and some people could lose thousands of pounds that they're owed.

Mr Lewis told viewers of his Money Show Live on Tuesday: "You need to check yours. Millions are wrong and it is YOUR responsibility. It is not HMRC's responsibility, it is not your employer's responsibility."

Read the MSE article in full here

5. Claim money back for your work uniform

If you wear a uniform for work, even just a branded t-shirt, you can claim money back if you wash, repair or replace it yourself.

Read the MSE article in full here.

6. Buy stamps now, before they rise by up to 15p each

From April 3, First Class stamps will rise to £1.10, from 95p, while Second Class stamps will jump up to 75p (from 68p). But if you buy stamps before this date, they'll still be valid after.

If you are someone who uses a lot of stamps, you could save some money. Read the MSE article in full here

7. Beat the April broadband and mobile contract hikes

WiFi and mobile phone prices are due to rise between 14-17% next month, but there are a few ways to pay less.

During a special one-off programme filmed in Liverpool, Mr Lewis advised viewers that sending "two texts" could stop their mobile bills from jumping up.

MSE also shares how customers can "lock in" a year's superfast broadband for £18 a month.

8. Check if you can reduce your Council Tax

With most local authorities putting up Council Tax by 5% from April, people living in a band D home can expect to pay around an extra £100 each year.

While most people will have no choice but to pay this, there are some ways people may be able to lower their bills, usually if you're in the wrong band or due a reduction.

Read the full MSE article here

9. See if you can save on water

The Consumer Council for Water has a free water meter calculator that tells you if you can save with a water meter. One Martin Lewis fan saved £576 a year after using the calculator.

10. Save on prescriptions

Prescription charges in England will rise by 30p from April 1. This will take prescription fees to £9.65 per item, however there are a number of ways you can save.

This calculator can check if you're eligible for free prescriptions. You can also get a 'prepay season ticket' if you get regular prescriptions, and save more than £100 if you get two prescriptions a month for a year.

You may also be able to buy the medications cheaper over the counter.

11. See if you can get help with energy bills

Many households continue to struggle to pay their energy bills, as prices remain at an all-time high.

Announcing the Spring Budget last week, the Chancellor Jeremy Hunt said the financial help for energy bills will be extended for a further three months from April to June at its current level, capping the typical annual household bill at £2,500. However, the £400 discount will not be extended, meaning people will still pay more.

That said, there are ways of cutting bills by using less energy, according to MSE. There is also help available if you're struggling to pay bills.

Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here

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