22 April 2013

Since 6th April you're better off...

....probably - since the personal allowance for income tax has increased by £1,335 to £9,440. That increases the amount of your income which is not subject to tax, and means you pay £267 per year less tax (if you have an annual income higher than £9,440).
Lots of people say they can't afford to save, but saving is mostly about small regular sums, so why not put that into a savings account as a start? It equates to £22.25 per month.
The headlines from the recent Budget included 1p off a pint of beer. To get the same benefit from that as from the personal allowance increase, you would have to be a drinker of 27,600 pints each year!

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