Are You Missing Out On Free Money?
Reader's Digest UK|November 2020
Andy Webb on the perks you can’t afford to miss…
Andy Webb
Are You Missing Out On Free Money?

I THINK IT’S great to get proactive and find ways to save money. Cutting back, switching bills and shopping around will all mean you have more money in your bank account.

But there’s a good chance even the savviest among you are missing out on free cash. From unclaimed benefits to tax breaks, and from overpaid bills to forgotten accounts, here are the top places to look.

Marriage Tax Allowance

This is any easy win—if you’re eligible. If you’re married or in a civil partnership then you might be able to get up to £250 back in tax this year, thanks to the Marriage Allowance.

As long as one of you is a basic rate taxpayer (so earning between £12,500 and £50,000 a year—the figures are slightly different in Scotland), and the other is a nontaxpayer (earning less than £12,500) you can put in a claim.

Essentially you’re moving 10% of the tax-free allowance from the lower earner to the other. For the 2020/21 tax year, that means £1,250 of the allowance is transferred to the higher earner. They’ll now not pay tax on this amount. Of course, that means the lower earner has a reduced allowance of £11,250. So if they earn more than this they’ll now be subject to 20% tax on that extra. That’s why the saving is up to £250 as some could be lost the other way.

Even so, this could be a big payday for you as you can backdate your claim by four extra years—so to April 2016. The income levels in 2019/20 were the same as this year, but they were lower in the three previous years, so double-check you weren’t earning too much.

Denne historien er fra November 2020-utgaven av Reader's Digest UK.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra November 2020-utgaven av Reader's Digest UK.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA READER'S DIGEST UKSe alt
EVERY SECOND COUNTS: TIPS TO WIN THE RACE AGAINST TIME
Reader's Digest UK

EVERY SECOND COUNTS: TIPS TO WIN THE RACE AGAINST TIME

Do you want to save 1.5 seconds every day of your life? According to the dishwasher expert at the consumer organisation Choice, there’s no need to insert the dishwashing tablet into the compartment inside the door.

time-read
3 mins  |
Reader's Digest May 2024
May Fiction
Reader's Digest UK

May Fiction

An escaped slave's perspective renews Huckleberry Finn and the seconds tick down to nuclear Armageddon in Miriam Sallon’s top literary picks this month

time-read
1 min  |
Reader's Digest May 2024
Wine Not
Reader's Digest UK

Wine Not

In a time of warning studies about alcohol consumption, Paola Westbeek looks at non-alcoholic wines, how they taste and if they pair with food

time-read
3 mins  |
Reader's Digest May 2024
Train Booking Hacks
Reader's Digest UK

Train Booking Hacks

With the cost of train travel seemingly always rising, Andy Webb gives some tips to save on ticket prices

time-read
4 mins  |
Reader's Digest May 2024
JOURNEY TO SALTEN, NORWAY, UNDER THE MIDNIGHT SUN
Reader's Digest UK

JOURNEY TO SALTEN, NORWAY, UNDER THE MIDNIGHT SUN

Here, far from the crowds, in opal clarity, from May to September, the sun knows no rest. As soon as it’s about to set, it rises again

time-read
8 mins  |
Reader's Digest May 2024
My Britain: Cheltenham
Reader's Digest UK

My Britain: Cheltenham

A YEAR IN CHELTENHAM sees a jazz festival, a science festival, a classical music festival and a literature festival. Few towns with 120,000 residents can boast such a huge cultural output!

time-read
6 mins  |
Reader's Digest May 2024
GET A GREEN(ER) THUMB
Reader's Digest UK

GET A GREEN(ER) THUMB

Whether you love digging in the dirt, planting seeds and reaping the bounty that bursts forth, or find the whole idea of gardening intimidating, this spring offers the promise of a fresh start.

time-read
6 mins  |
Reader's Digest May 2024
Under The GRANDFLUENCE Suzi Grant
Reader's Digest UK

Under The GRANDFLUENCE Suzi Grant

After working in TV and radio as an author and nutritionist, Suzi Grant started a blog alternativeageing.net) and an Instagram account alternativeageing). She talks to Ian Chaddock about positive ageing”

time-read
3 mins  |
Reader's Digest May 2024
Sam Quek: If I Ruled The World
Reader's Digest UK

Sam Quek: If I Ruled The World

Sam Quek MBE is an Olympic gold medalwinning hockey player, team captain on A Question of Sport and host of podcast series Amazing Starts Here

time-read
3 mins  |
Reader's Digest May 2024
Stand Tall, Ladies
Reader's Digest UK

Stand Tall, Ladies

Shorter men may be having their moment, but where are the tall women?

time-read
3 mins  |
Reader's Digest May 2024