- The new tax year, which began on 6 April, offers an opportunity for households to conduct a financial wellness check, with money expert Martin Lewis providing key advice.
- Individuals can deposit another £20,000 into their ISA as the allowance resets, though this is the last year under-65s can put the full amount into a cash ISA before it drops to £12,000 from April 2027.
- The freeze on income tax thresholds continues, meaning more people will be pulled into higher tax brackets, making it crucial for workers to check their tax codes and use online calculators.
- The National Living Wage for over 21s increased to £12.71 per hour from 6 April, alongside rises for younger workers, and employees should ensure these new rates are reflected in their payslips.
- Significant changes to benefits include the end of the two-child cap, increased Universal Credit and other means-tested benefits, with an estimated £24 billion in benefits remaining unclaimed annually.
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