Tips for a tax-tastic Budget

What Chancellors give with one hand, they often take away with the other ñ but the latest Budget has some good financial news if you are an average working Joe (or Joanna). 
The personal tax allowance rises to £10,500 in April, putting more in your pay packet. Some better-off taxpayers get a boost, too, as these changes mean the 40 per cent rate threshold starts at £41,865 instead of £41,450, with a one per cent rise to £42,285 next year. And if youíre a working parent, a tax break on childcare from autumn 2015 could add to your personal feel good factor.
A freeze on fuel duty and tax on cider and whisky and a fall in beer duty by a penny a pint could help, and if youíre saving for a long-haul holiday, many destinations will enjoy lower air passenger tax. Most working people will find more cash in their pockets ñ and these tips could help you make the most of it.
Be savings savvyÖ
The Chancellorís surprise announcement was the merger of cash and shares individual savings accounts (ISAs), with an increase in the amount you can put away each year to £15,000 (and £4,000 for the junior version) from July, and any profits are tax-free. 
Check pensioner bonds
A new pensioner bond will give a market-leading 2.8 per cent a year for everyone over 65 and four per cent a year if you keep it for three years. We havenít seen rates like that for quite a while.
Annuity ñ what annuity?
In the biggest change for a generation, you wonít be forced to take an annuity when you finally retire, so youíll be able to choose what happens to your pension pot ñ even taking it as cash, subject to your marginal tax rate.
Give your finances an overhaul 
Your credit rating plays a major role in the decisions lenders make when you apply for a mortgage, a credit card, car finance loans and mobile phone contracts. 
Your Experian Credit Score[1] is a guide that will help you understand how your credit history is likely to be seen by lenders. It can show you the way that youíve managed credit in the past can affect future credit applications, and for you to monitor your progress as you get your finances in order before you apply. 
Making little changes to improve your credit report can make a big difference; not only to getting credit, but also to the interest rates you could be charged. 
Understanding your credit report, and the steps you can take to improve it, can help you put yourself in a stronger position when it comes to applying for the credit you want. You can see your Experian credit report with a 30-day trial of CreditExpert[2].

– Content / Article provided by Experian ñ links to Experian CreditExpert are placed for promotional purposes –

– Content / Article provided by Experian ñ links to Experian CreditExpert are placed for promotional purposes –

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