Only WEEKS left to claim your cash reward up to £2,000.

The tax year is coming to an end, but there is still time to take advantage of schemes that can give you a raise in money.

Claiming tax refunds and other benefits could increase your wealth by £2,000, but you need to act fast.

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Claim the tax you’re owed or you’ll lose it forever1 credit

The tax year runs from April to April and does not follow the calendar year.

The current 2021/22 tax year will end on April 5th and the new 2022/23 tax year will start on April 6th.

Each year you receive certain benefits and tax breaks that can improve your situation.

And for some, if you don’t use them, you lose them, so it’s worth checking now what you can qualify for.

With the cost of living taking up the bulk of a household’s budget, and with bills set to rise in April, this could give your finances a much-needed boost.

Here we explain what you can claim and how to do it…

marriage allowance

Up to 4.2 million couples are eligible for marriage tax allowance, which can be as high as £1,220.

Tax breaks allow married couples and those in common-law unions to share their personal tax breaks, and it’s estimated that more than 2 million people don’t get cash.

To receive this, one partner must earn less than the £12,570 tax-free personal allowance this year, which means they pay no tax at all. The other must be a base rate taxpayer.

You can transfer a maximum of £1,260 from unused allowance, which translates into a savings of £252 in your income tax bill this year.

You can also apply retroactively for up to four years – provided you meet the eligibility criteria for each.

Therefore, you need to apply before April 5 this year to get your 2017/18 tax refund or you will miss it.

If you can qualify for this year and the previous four years it costs £1220.

You can apply for marriage benefits online at gov.uk/apply-marriage-allowance.

work at home tax credit

Millions more have demanded tax refunds after working from home during the pandemic.

But there are still many people who haven’t, and they could lose up to £500.

Base rate taxpayers can receive £62.40 per annum and higher rate taxpayers can receive £124.80 per annum.

You can apply for this tax year and the previous tax year if you had to work from home at least one day in each of those years.

You can apply retroactively for up to four years, so you can claim up to £500 if you pay tax at the higher rate and £250 at the base rate.

Eligibility is slightly different for the pre-pandemic years, and you apply for every week you worked from home.

HMRC has online tool to help you apply for both pandemic-related tax years.

Single tax credit

If you wear a uniform at work and your employer does not pay for it, you may be eligible to claim a value tax refund.

You can claim a tax refund of £60 per annum on flat charges, so for base rate taxpayers it is £12 per annum and for higher rate taxpayers it is £24 per annum.

This is another tax credit that you can claim for the previous four years if you are eligible for the year you are claiming.

Therefore, the application deadline for the 2017/18 tax year is April 5th.

Savings allowances

Contributors will want to make the most of their ISA benefits before the end of the tax year.

ISA (Individual Savings Account) is a type of savings account where you don’t pay any taxes on the interest you earn.

Each year you receive an allowance, which is the total amount you can save each year to take advantage of this tax credit.

You can save up to £20,000 each year on ISAs and if you don’t use them you won’t be able to carry them over to the next year.

First-time buyers contributing to the Lifetime ISA (LISA) can deposit up to £4,000 tax-free each year into the account.

Junior ISAs, known as JISAs for short, are savings accounts for children that work the same way.

But the amount you can save on one tax-free credit each year is less than £9,000.

However, as the balance in the ISA grows year after year, it is not taxed.

If you deposit your money into a standard non-ISA bank account, you will be taxed on any interest in excess of £1,000 if you are a base rate taxpayer.

For higher rate taxpayers it is £500, while extra rate taxpayers do not receive this allowance, known as the Personal Savings Allowance (PSA).

ISA’s tax-free benefits are more generous than PSA’s, which is helpful if you have more savings.

Check your tax code

If your tax code was incorrect and you overpaid tax in the 2017/18 tax year, you will need to report this by April 5 of that year.

Errors in the tax code can occur if you change jobs or start receiving benefits, and you should discover any error and report it to HMRC.

There is a four-year limit on overpaid tax refunds, so this is your last chance to correct any mistake and get your 2017/18 refund.

The amount you get back will depend on how much you overpaid.

Here’s how you can claim a rebate from HMRC if you think your tax due has been refunded.

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