New financial year ahead: what can you save?

March 24, 2021

As the new financial year approaches, you can check to see if you are eligible to make any cash-back savings on your earnings from the past four years.

Speaking on the ITV Martin Lewis Money Show last week, advisor Martin Lewis explained how to take advantage of end-of-year tax rewards which can benefit veterans, and those serving in the armed forces.

He said: “Right now, on many things, you can go back to the 2016/17 tax year, but on the 6th April, you'll only be able to go back to the 2017/18 tax year.”

If you wear a uniform to work which your employer doesn’t pay for, you can claim up to £60 in the form of a uniform tax break if you backdate it for the full four years.

“Those who are pilots, cabin crew, in the army, RAF, or the Royal Marines should be able to claim,” Martin explained.

You can also claim tax relief if you have been working from home. An employer can pay you £6 more per week tax-free to cover expenses. For a basic-rate tax payer, this can be as much as £60, or £125 for a higher-rate tax payer.

"This is in the form of work from home tax relief - and it applies even if you've worked just one day from home in the past 12 months," Martin added.

Others who can also benefit from this include benefit married couples, first time buyers, people working from home, and those with savings in the bank.

To see if you are eligible to make a claim, visit GOV.UK for more information.

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