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Get Ready for the 2025 Financial Year: Key Changes Ahead
With the new tax year looming just around the corner, it’s crucial for budget-conscious families and individuals in the UK to be aware of the upcoming changes in personal finance that could impact everyday budgeting.
In 'DO THIS NOW - end of financial year 2025 checklist', the discussion dives into key financial changes affecting budgets, prompting us to analyze how individuals can best prepare.
Prepare for Rising Household Bills
As we gear up for April, many household bills are set to increase. This includes a staggering 5% rise in council tax, alongside a predicted 26% increase in average water bills, adding around £123 to the yearly expense for most households. It’s time to adjust those standing orders and make sure your budgeting accounts for these hikes.
Understanding the New Broadband and Mobile Rules
From April, you could be facing a 6.4% rise on your broadband and mobile bills. New rules introduced in January mean that providers can apply price increases differently, so keeping an eye on your existing deals is more important than ever. Consider switching providers or haggling for a better deal if your contract is up.
Maximizing Your ISA Allowance
Don’t forget about your Individual Savings Account (ISA) – each tax year, you have a £20,000 allowance to save tax-free. It's essential to either fully utilize this opportunity before the tax year ends on April 5th or risk losing it altogether.
Fill Gaps in Your National Insurance
Have you checked your National Insurance record lately? You have until April 5th to make voluntary contributions to fill in gaps dating back to 2006. This is vital for those aiming for a full State Pension, which can go a long way when you hit retirement.
Why This Matters for Your Future Financial Health
The end of the financial year is an opportunity not just for reflecting on the past, but for proactively shaping your financial future. At the end of the day, being well-prepared means taking control of your finances and being ready for the changes ahead.
If you want to dive deeper into each of these points and maximize your financial potential, check out our comprehensive guides linked throughout this article!
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