The new tax year begins on Sunday, April 6, bringing Labour's tax and benefit changes from last year's Budget. However, several key deadlines fall this weekend, offering opportunities to save or claim money before they expire.
One such deadline involves tax relief for home working. If you worked from home between 6 April 2020 and 5 April 2022, you may be eligible for up to £140 in tax relief to cover increased costs like heating or electricity. Claims can only be backdated four tax years, so April 5 is the final date to claim for that period. The claim can be made online, and Martin Lewis' MoneySavingExpert provides a guide.
Another critical deadline is for filling gaps in your National Insurance record between 2006 and 2019. From April 6, you will only be able to amend records for the past six tax years. To qualify for the full new state pension, you need 35 qualifying years. Voluntary contributions cost £907.40 per year but could boost your pension by £328.64 annually. You can check your record on Gov.uk and request a callback from HMRC before April 5 to secure the deadline.
Additionally, the annual ISA allowance of £20,000 resets on April 6. This 'use it or lose it' allowance does not roll over. Many savers are topping up their ISAs amid speculation about Cash ISA reforms. Stocks and shares ISA holders may notice unusual activity due to the last-minute rush.
