Dreading the April Financial Season? There’s a trick to avoid the headaches it brings

DMP Dev

By DMP Dev on 12 April 2021

4 minute read

Share:

April is a really important month when it comes to our personal finances and the ways we keep track of them.

Tax returns, ISAs, new rates (why is it always MORE Council Tax?), mortgage statements… they all seem to turn up at this time of year.

The key to a successful April Financial Season is getting your documents in order in advance and there is still time to prepare.

In this blog we’ll look at what the fuss is about when it comes to the UK tax year and how tech like ours can help you to get ahead of the game.

This blog does not provide financial advice. We’re here to break down the basics and help you to get organised. This applies as much to people like you and me as it does to businesses.

Should I know about ‘ISA Season’?

You have probably seen adverts for ISAs in the past few weeks, but what’s the big deal?

Put simply, the start of the next tax year is usually the best time to open a new ISA account because rates tend to be higher because providers want you to join them.

You can put up to £20,000 tax-free into an ISA, whatever kind you choose. The saving that can generate is pretty clear. Think about it: You open a new ISA right towards the end of this tax year, giving you generally higher rates even if you don’t put any more payments into it for the coming 12 months.

If you already have an ISA and see better rates elsewhere, it’s an ideal time to open a new one and transfer those funds, too. There have been media reports about a lack of choice which could impact this opportunity, but it’s likely some providers will see advantage in that and improve what’s on offer.

The key is in the preparation. Existing ISA holders need to keep their documentation in order to ensure they have all of the important statements to get the best rates.

New to all of this? You’ll need to prove you are who you are, as with most banking forays. Having everything safely stored and easy to retrieve in one sensible place takes the headaches out of getting started.

Why do my taxes get higher every year?

Good question – we have all wondered that! Taxes are not very exciting but they do matter. If you’re paying more tax, you have less cash to spend on things you like, and your consumer ‘input’ is smaller, so that’s bad news for sellers.

The flip side of that is how higher taxes generate higher revenue for authorities and when you think about how many people they impact, they can do that pretty rapidly.

You should always keep track of what you are paying for, whether that’s a mortgage, council rate, credit card or otherwise – especially if it’s a direct debit payment.

Finding all of the various forms that correspond to your outgoings can seem impossible. We make it easy. By uploading a couple each week over April, you could be all set for the next few months. Taking two minutes each day and starting with your most important documents could save you a lot of bother in future – same goes for family members who need help with these sorts of things.

What should I do?

You should try us out. Do that with 90 days for free when you sign up this month.

You can choose from daily tips on getting started, follow our tutorials or set up a short call with one of our real human experts.

We take the sting out of time-consuming paperwork and keep everything safe for you. Everything is organised and ready when you need it, in a safe place (unlike your inbox or stuffed in the useful kitchen draw).

It isn’t too late to get help and get organised –sign up for our “get me organised in small steps” guide and we will give you three months’ free use of the Personal Archive tech! We will also send you a free template so that you can create your own personal asset register and keep track of all your important documents.