There is never time to relax when it comes to making sure you do not pay more than you should. The New Year is no exception and there are financial traps for the unwary that can cost hundreds of pounds. HMRC expects to make £1.2bn next year from late payment interest from taxpayers. Lots of us will be fined £100 for not filling out annual tax forms before January 31 and much more if they do not get round to it the following months - even if no tax was owed. More importantly some two million couples are missing out on the marriage allowance that is worth £252 a year that can be backdated to 2020.Water bills are set to rise in April but there is time to save money by opting for a water meter and to check what free water-saving kit your water company is offering.Council tax will also increase in April, but many households are paying too much.Zero interest credit cards can also save lots of money so long as payments are made on time and in full.It is time to act. Hosted on Acast. See acast.com/privacy for more information.

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