Make your money go further
This week sees the start of the new financial year. With this in mind, have you got all your financial ducks in a row? Are you making the most of what money comes in (and inevitably goes back out)?
Here are some tips for making the most of your finances - if you've got anymore then submit them and we'll share them on this page.
- Tax codes determine how much tax is deducted from your pay each month. These change every year and are based on a number of factors, including the amount you earn, your personal allowance and non-cash benefits.
The Scottish Government website lists the personal allowances for 2017/18 financial year and HMRC have a whole section of their website dedicated to tax codes. If the wrong tax code is applied to your salary, you may be paying too much tax (which will be refunded) or too little tax (you’ll have to pay back what you owe). So it’s important to get it right.
If you think you have the wrong tax code applied to your salary, you’ll have to contact HMRC, as our payroll department are instructed by HMRC directly and can’t change your tax code on your behalf.
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- Employee benefits are there to be used! We’ve got a heap of benefits which you can take advantage of. You can:
- save and borrow money through credit unions – we have agreements with Grampian Credit Union, Forres Area Credit Union and North East Credit Union
- sacrifice some of your salary for childcare vouchers (you make a tax saving on this!). Our supplier is Edenred.
- use our cycle to work scheme (opening for applications shortly) to make a tax saving on purchasing a bike
- enjoy discounts at local and national retailers, leisure outlets and when eating out
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- Claim any benefits you’re entitled to. This could include housing benefit or council tax reduction; discounts or exemptions on your council tax; tax credits and many more. If you’re eligible, claim it!
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- Speak to our income maximisation team if you need any advice. They’re here to help you and can even show you how to set personal budgets, assist in filling in forms and deal with crisis situations if they happen.