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Ep77-Mend your budget before the election
Manage episode 422395473 series 3426902
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We can all make extra money, and in most cases we will not have to pay any extra tax into the bargain. Whether it is selling on clothes that no longer fit, hiring out power tools, renting a room or space in your driveway you can start earning in days.
With taxes at a 70-year-high and food and energy prices still much higher than they were a couple of years ago most of us need exta money, and it has never been easier to start a side hustle.
There are also tax breaks that many are not benefiting from. Couples should make sure they use their tax allowances effectively. The marriage allowance is unclaimed by millions, many of whom could get £1,258 straightaway.
The personal savings allowance allows basic rate taxpayers to earn £1,000 in interest without paying tax and those who have no other income can receive up to £18,570 in interest without paying any tax.
We can all start by selling our old clothes, which is fee-free and tax-free.
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