Benefits | Tax Credits

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Working Tax Credits: Money-Saving Credits for Workers

In a previous Money Dashboard blog, we wrote about Unemployment Benefits and your entitlement. But there are benefits you may still be entitled to, even if you are in work. Whether you are self-employed or work for someone else, there are different benefits for people in different positions.

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Child Benefits and Tax Credits - A Quick Summary

Many parents are confused over exactly what they are entitled to when a new baby arrives and as their family grows up. To help you, this article summarises three of the most common benefits available to parents.

 

Child Benefit is the only State benefit that's given to every family in the UK, regardless of individual circumstances. At current rates, you'll receive weekly payments of £20 for your oldest child and £13.20 for each of your other children.

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Dealing with Redundancy

Official figures show that unemployment in the UK is now at 2.38m, the highest level since 1995. As every day passes, further announcements are made of redundancies in virtually every sector. If you haven't been affected yet, you may be in the future and it's vital that you understand your rights. Here are 10 ways to help you deal with redundancy.

 

1. Know Your Rights Read more »

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Understanding your Tax Code

Many of us who pay tax are aware of tax codes, but frequently forget just how they work. Sound familiar? If so, here is a quick summary of the key points.

 

Under the PAYE system, tax is deducted directly from your earnings or pension before you receive any money. The Inland Revenue gives your employer or pension provider a tax code to show how much tax-free pay you should get each time you get paid - tax is deducted from anything above this.

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Ten Ways to Reduce your Tax Bill

Tax! There is no doubt about it, we do not like paying it and all of us would like to pay a bit less of it if we could. In order to help you do this, here are 10 saving tips that could potentially cut your tax bill.

 

1. Check your tax code  Read more »

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New Tax Year - New Limits

Monday saw the official start of the new tax year, which meant some significant changes in taxation and benefits. This year almost everyone is a winner. About 22m basic rate taxpayers will benefit from the decision to make permanent and extend an increase in income tax personal allowances. Here's a quick summary of all the key changes. Read more »

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Finance Issues for Mums

It's Mothers Day in the UK this weekend and a good prompt for mums (after the big day itself!) to review their finances that are centred round children. There are plenty of financial issues that are child related that should be reviewed and improved wherever possible and here are some saving tips on five of them. Read more »

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Avoid Overpaying Tax

Every year UK taxpayers miss simple opportunities to avoid overpaying tax that in many ways could easily be avoided. In the current economic climate, saving money is more important than ever so act before the tax year ends on April 5. To help you, here are some saving tips to avoid falling into this trap. Read more »

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Tax help for pensioners?

Alistair Darling, the Chancellor, confirmed recently that he is planning to take action to help pensioners hit by reduced saving rates of less than one per cent. The moves will be a welcome relief for savers, particularly the elderly who are more likely to rely on their income from bank deposits. How to save effectively is a real challenge at this point in time. Read more »

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Unemployment Benefits - Quick Summary

Hardly a day passes at the moment without yet another announcement of job losses. As the recession starts to bite, the number of people officially out of work is fast approaching 2 million.

Being made redundant is a major life event and it is vital to prepare for this possibility. You should consider how to save around six months' worth of income to fall back on if need be and also consider insuring yourself against a loss of income. Read more »