September 2024 Newsletter | Cylchlythyr Misol Medi 2024
- Do you need to complete a self-assessment tax return for the first time? The deadline to register for self-assessment tax returns for the 2023-2024 tax year is 5 October 2024. Remember also that the deadline to submit the tax return to HMRC is 31 January 2025. You can register for self-assessment online via:
https://www.gov.uk/register-for-self-assessment
- According to HMRC, in the 3 months between April 2024 and June 2024, the UK government was forced to repay £56.9m to individuals who overpaid tax after they accessed their pensions for the first time.
If you have started receiving your pension, you may have noticed significant tax deductions. Any overpayments of tax can be refunded by contacting HMRC and filling in the necessary forms (different forms are required depending on your specific circumstances).
- Have you checked your car insurance premiums and are you paying annually or monthly? An investigation has shown that some car insurers are charging monthly-paying customers an interest rate of up to 39%, with an average interest rate of 23%.
One example in the investigation showed an 18-year-old driver paid an additional £504 when choosing to pay monthly for a policy (the interest charged was 36.32%). Please use comparison websites to find the best deals for the cover you need.
- For business bank accounts, many now use smartphone apps, rather than the traditional High Street Banks. Before opening an account check that the bank has a full banking license, as some do not. Choose a bank with strong customer service support and a good reputation in case something goes wrong or you are subject to a form of financial scam.
Ask Huw and Aled
Q: I want to buy a new car for cash, but the garage will only provide me with a full discount if I take out their car finance. What should I do?
A: Car manufacturers often offer additional discounts of, say £1,500, if you take out their finance. One option is to play their game! Depending on the nature of the specific agreement, you could: pay whatever cash deposit you can, then after a careful reading of the finance agreement, take out the finance. After a period of just over 1 month you should have a statutory right to make payment in full. You will pay some interest of say £300, but you will still save say a further £1,200. Check the wording of the agreement very carefully.
