Financial matters

[Hugo]

Martin Lewis warning to 2 million married couples who could miss out on ?1,250
The Money Saving Expert founder has issued an alert to married couples who could be missing out on a tax break but they need to act fast

It's good advice but also the article is a bit misleading.    I think that the rules apply to civil partnerships as well as married couples and is a yearly saving in tax of about 252.00 pounds.     However it can be backdated to when the tax law came into force, unless the law has changed since I last read about it


https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-warning-2-million-28888357

[SteveH]

Rises in some bills in the coming days mean many households will see their already tight budgets stretched further - but not all costs are going up.

Cuts to national insurance and increases in the amount people receive in benefits take effect in early April.

But regular bills like council tax and water are going up so experts say family budgets need careful attention.

Here are some of the changes taking effect in the coming days, and the help that is available.................

cont https://www.bbc.co.uk/news/business-68666795

[SteveH]

Five tax and pension mistakes everyone should fix before April 6
The new tax year is just around the corner, and for some people this will be a time to get on top of their financial planning

cont https://www.dailypost.co.uk/news/uk-world-news/five-tax-pension-mistakes-everyone-28905997?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

Energy bills lowest for two years under new price cap

Energy prices have now fallen to their lowest level for two years, but experts are urging people to stick to savings habits because bills remain expensive.

The annual bill for a household using a typical amount of gas and electricity has dropped by ?238, to ?1,690, under regulator Ofgem's latest price cap.

The fixed standing charge element of bills has risen from Monday.

New prices
Ofgem's latest quarterly price cap has now come into force. It affects 29 million households in England, Wales and Scotland. Rules are different in Northern Ireland, where prices are also falling.

The price cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more.

cont https://www.bbc.co.uk/news/business-68674244

[Hugo]

Don't forget to take a meter reading now if you don't have a smart meter.     I'll get a meter reading request from Octopus Enercy on the 7th April so I don't want to pay more for my energy than I need to do

[SteveH]

A further cut to National Insurance (NI) is coming into force from this week and many people in Wales will see a benefit. From Saturday, April 6, the average worker in the country will take home an extra ?701 in annual wages compared with the start of the year.

In his Spring Budget earlier this month, Chancellor Jeremy Hunt announced that NI contributions will be cut by 2p. National Insurance is a tax on earnings if you work or, if you are self-employed, on your profits. The cut will see the main rate for NI contributions drop from 10% of eligible income to 8% for 27m workers across the UK.

https://www.dailypost.co.uk/news/north-wales-news/workers-wales-week-701-extra-28922584?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

A shopping expert has revealed nine tips to help you find discount codes for almost everything you buy online.

We all know someone (or is that someone) who likes to indulge in a little online shopping now and again.

Getting our ordered items delivered straight to our doors often by the very next day has become the quickest and most convenient way to shop around our busy lives.

However, as we tap our items into our basket and head to the online checkout, many of us don't stop and take the time to look for discount codes that could save us money.

Finding a valid discount code can be a daunting task since it's often tricky to find a code that is still valid - especially for certain stores.

To help us out, Aktug Dogan, an online shopping expert at Refermate, has shared some valuable tips and tricks on how to save money on our online purchases via discount codes and how to find codes that actually work.

cont https://www.northwalespioneer.co.uk/news/24248456.get-discount-codes-shopping-expert-reveals-tips/

[SteveH]

A bit heavy for a Sunday, but...................

Bank of England: 'Serious deficiencies' in economy forecasts, review finds

The Bank of England's economic forecasting system has "serious deficiencies" that need to be modernised, according to a review.

The independent report by Dr Ben Bernanke, former head of the US central bank, found staff used outdated systems that should be overhauled or replaced.

He found there had been serious under-investment in the Bank's software.

But Governor Andrew Bailey said updating the Bank's systems was a "high priority".

The former head of the Federal Reserve, said that a "material degree" of under-investment had led to staff using a "complicated and unwieldy system".

This holds staff back from producing useful analysis on what might happen to the economy, he said.

Updating and modernising how its system handles economic data should be completed "with high priority" and "as rapidly as feasible", Dr Bernanke said in the critical review.

He was asked to carry out the review last July after the UK's central bank came under fire from MPs for failing to anticipate the scale or duration of inflation - which measures how prices rise over time - over the past two years.

cont https://www.bbc.co.uk/news/business-68797651

[SteveH]

UK inflation falls as meat and crumpet prices drop

Price falls for some food items like meat, crumpets and chocolate biscuits helped drive inflation down to its lowest level in two-and-a-half years.

The rate consumer prices have been rising at fell to 3.2% in the year to March, down from 3.4% the month before, according to official figures.

Inflation has been falling gradually since it peaked at 11.1% in late 2022.

However, lower inflation does not mean prices overall are coming down, they are just rising less quickly.

According to the Office for National Statistics (ONS), the price rises seen across most types of food products eased between February and March, with small increases being seen for bread and cereals.

But meat prices fell by 0.5% between February and March, compared with a rise of 1.4% a year ago, with pork products one of the big reasons behind the slowing rate.

Soaring food and energy bills have been the main causes behind the UK's high inflation in recent years.

Oil and gas were in greater demand after the Covid pandemic, and prices surged again when Russia invaded Ukraine, cutting global supplies. The conflict also reduced the amount of grain for sale, pushing up food prices.

It led to inflation for food and non-alcoholic drinks hitting a peak of 19.2% in March last year - the highest level seen since the 1970s.

cont https://www.bbc.co.uk/news/business-68833077

[SteveH]

Oil and gold prices have jumped after US officials said an Israeli missile had struck Iran.

Brent crude, the international benchmark, rose by 1.8% to $88 a barrel while gold briefly came close to a record high before falling back to nearly $2,400 an ounce.

Investors have been closely watching Israel?s reaction to Iran's direct drone and missile attack last weekend.

There are concerns a worsening conflict in the Middle East could disrupt oil supplies.

Oil prices had jumped by as much as 3.5% initially. However, gains receded after Iranian state media claimed that there was "no damage" in Isfahan province where there had been reports of explosions.

cont https://www.bbc.co.uk/news/articles/c2vwl91qe6do

[SteveH]

Charities are reporting heightened concern among pensioners who fear being dragged into paying income tax.

The state pension rose by 8.5% in early April, but the knock on effect is that hundreds of thousands of pensioners on lower incomes have been drawn into paying income tax.

Most pensioners will pay more tax this year as a result, owing to frozen tax thresholds.

Age Concern and Independent Age both say they have seen an increase in calls to their helplines in recent weeks from pensioners confused about the issue.

Who will pay more tax?    .... https://www.bbc.co.uk/news/articles/cz74yw87jygo