November 2022 Newsletter | Cylchlythyr Misol Tachwedd 2022
1. There are now less than 100 days until the self-assessment tax deadline of 31 January 2023. If you have not yet arranged your tax return submission, please get in touch.
Ask Huw & Aled: my outgoings have increased significantly over the last few months, with my energy bills doubling, my fixed rate mortgage term ending and the cost of the weekly food shop also rising. Do you have any advice for people on how to manage with the cost-of-living crisis?
The cost-of-living crisis has affected everyone, and further interest rate rises are expected over the coming months to deal with inflation. Here are a variety of matters to consider:
Pensioners
For pensioners with low income, they may be eligible to receive pension credit. Visit the Gov.uk website to check eligibility and if you have elderly relatives who do not have access to the internet, check-in with them as they may wish for you to review their eligibility on their behalf.
Pensioners who receive pension credit should also receive a discount on their council tax bills.
Are you receiving all the pension income to which you are entitled? Do you have any unclaimed pensions caused by changing jobs/losing details of personal pensions? Check your personal records to ensure that your pension savings are all accounted for. It can be a slow, administrative process to reunite you with your pensions, but with an average lost pension pot in the region of £10,000, it could be a worthwhile exercise.
Married couples
If one partner earns less than the personal allowance (currently £12,570), you could save up to £252 of tax by transferring 10% of the personal allowance of the lowest earner to the highest earner. This is known as the "Marriage Allowance". If one of the partners was born before 6 April 1935, they may benefit more from claiming a separate "Married Couple's Allowance" instead.
All (for those in need)
The Welsh Government have opened a Discretionary Assistance Fund to help those in need with their living costs. Full details can be found here:
https://gov.wales/discretionary-assistance-fund-daf
All
If you are struggling to pay your monthly mobile phone and broadband bills, contact your provider to explain your situation as they may be able to switch you to a different product with a similar service at a reduced price.
If you are on a standard variable rate mortgage or coming to the end of a fixed rate mortgage,
shop around for the best deal available, possibly with the help of a mortgage broker, but be aware of high fees.
If you or a member of your family / close friend are having difficulties in paying your mortgage, contact your mortgage provider early to explain the situation to see if there is some solution. Many lenders have specialist support teams who can explain what options are available. Do not bury your head in the sand and stop payments.
