Can you beat the April bill hikes - and is it time we ditched the tax traps?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 30 March 2023
⏱️ 46 minutes
🧾️ Download transcript
Summary
From council tax to mobile bills, seemingly every organisation wants another piece of your bank account - and some of the rises are even higher than inflation.
Is there anything you can do about it? Could a bit of switching, planning and another round of cutting back on energy usage, shave some money off?
And is there light at the end of the tunnel?
On this podcast, Georgie Frost, Helen Crane and Simon Lambert look at what's going up and how to fight it.
Meanwhile, do you know how much tax you pay and are you in the firing line for Britain's worst tax traps?
Ben Laidler, of eToro, delivers the latest update on the markets, after a much better week than the banking shakeout delivered last week.
Plus if you haven't done it yet, what can you do to sort your Isa?
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and editor Simon Lamper today is Deputy Editor Helen Crane. And coming up, can you dodge the April pain from energy to broadband? We outline all the bills going up and tell you how you could save up to £3,000. Plus the big tax changes on the way, how wumpy pay rise could cost you 20 grand. |
| 0:22.8 | We have some end-of-year tax tips for high earners and we round up the best cash isis. Don't forget |
| 0:28.3 | you step today. With all the latest breaking money news, just go to this ismoney.co.com or download |
| 0:34.8 | the app. Don't forget, you can stay on top of what's going on in the markets by tuning in to the Digest and Invest podcast by Itara. |
| 0:41.3 | Go to your regular podcast platform and listen on the go. |
| 0:43.9 | Digest and Invest by Itoro, the podcast for those interested in trading and investing. |
| 0:48.7 | But first, brace yourself the next month is going to be painful. |
| 0:53.3 | An assault on your wallet, energy and broadband bills, |
| 0:56.4 | water rates, taxes, even NHS prescriptions and stamps, you name it, they are likely to be going |
| 1:02.3 | up in price in April. It will put extra pressure on squeezed families this week. We got research |
| 1:07.7 | from Consumer Group which that found that already around 2.5 million households |
| 1:12.1 | missed or defaulted on must-pay domestic outgoings, loans or credit card payments in March. |
| 1:17.8 | So what can you do not just to beat the hikes, Helen, but also to save yourself a bit of money. |
| 1:25.0 | Just if you would run through what is going up in price? |
| 1:29.7 | Yeah, the top trumps of things that are getting more expensive over the first week of April, |
| 1:34.0 | these changes are happening. There's quite a lot. So the first thing is energy prices. The energy |
| 1:39.4 | price guarantee cap that we've had for the last few months is actually staying the same. So that's |
| 1:43.9 | staying at £2,500 a year for the average household. But what's changing is that the energy support |
| 1:50.1 | scheme. So that's those payments of £66 and £67 that people have been getting every month. |
| 1:56.3 | That's coming to an end. So in real terms, households are going to be, on average, £400 worth off in the coming |
| 2:02.8 | months. Secondly, your mobile phone bills are going up. So that's 14.4% for most providers, broadband as well. |
| 2:14.2 | Charges for water in England are going up by an average of 7.5%. That's the biggest |
... |
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