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The Budget - it's about WHEN...
It's not just what's changed but when it hits that counts
This emergency budget's spending cuts and tax rises will impact for years....
- Capital gains tax - today: The tax on one off profits (eg. selling 2nd homes) for 40% taxpayers jumps to 28% from 18%.
- Petrol prices - up 1p in October: While the Chancellor said "no new rises", the scheduled 1p/litre rise in Oct is still on.
- VAT rise - up to 20% on 4 January: Almost everything we buy will cost 2.1% more as VAT rises from 17.5%, see the VAT increase news.
- Mortgage help decreased - Oct 2010: The 'Support for Mortgage Interest' current generous 6.08% help will drop to a new rate (currently 3.67%).
- Child benefit frozen - until April 2014: It's not being cut, there'll just be no increases in the next three tax years.
- Tax credits changes - 6 April 2011: Next tax year most families with £40,000+ annual incomes will get fewer tax credits, while some on lower incomes will see the 'child element' increased by £150 above inflation (see tax credit help for general guidance).
- Tax personal allowance increase - 6 April 2011: Next year most'll be able to earn £7,475 tax free (currently £6,475). See MSE News: Emergency Budget: tax cuts for low and middle income earners.
- Wine, beer, spirits & tobacco - April 2011: While there are "no new rises", duty is scheduled to rise 2% above inflation next April.
- Benefit rises linked to CPI - April 2011: Currently linked to the RPI measure, it'll change to CPI inflation, which tends to be lower.
- State pension triple guarantee - April 2011: From then it'll always rise by the HIGHER of earnings, inflation or 2.5%.
- Disability living allowance medical assessment - 2013/14: Their aim is more medicals to cut £1.4bn from the system.
Overall the this budget's effect is to take money from our trousers to help repay the deficit - so it'll cost. Thus it's important everyone does their own budget (use the free budget planner) to ensure you don't spend more than you earn - plus mitigate cost hikes with a full money makeover. Discuss: Budget Changes
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| The Ones Not To Miss |
Amazon Hidden Discount Finder. New 25%+ to 90%+ off search
Now finds reduced fridges, cameras, furniture, plus DVDs, shoes, video games etc.
The Amazon Hidden Discount finder tool (legitimately) manipulates the e-tail giant's web links to display all its price reductions together, effectively creating lots of secret bargain basements. Major Boost: Originally designed to find all 75%+ reductions, after your request we've rebuilt it to ANY bespoke discount, crucial as for items costing £100s or £1,000s like furniture, electronics or gym equipment, deals only appear at the 25%+ ish level. Quick Links: New suggested searches incl. Washing Machines 23%+ off*, TVs 24%+ off*, Cameras 39%+ off*, Freezers 15%+ off*, Garden Furniture 55%+ off*, plus the ever popular Books 94%+ off*, DVDs 75%+ off*, Shoes 65%+ off*, Video Games 59%+ off*, CDs 95 %+ off*, Kitchen appliances 75%+ off*. Important Warnings! Our Amazon pages are tech-generated off its data, so if that's wrong the wrong discount can be shown, plus don't assume a discount means a bargain, always compare prices elsewhere. FULL info & explanation in the Updated Guide & Tool: Amazon Discount Finder Related: Cheap Online Shopping, Mega Shopping Comparison, Ebay Buying Tricks
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Free £25 credit for tickets e.g. Leona, Chicago, Macy Gray
Get the credit for ticket exchange site Seatwave for concerts, sports & more via a group buying site
Yet you still need pay p&p of up to £8 and Seatwave's commission c. 20%. See the Deals Note: Discount Vouchers
Basic AA cover £6 or RAC £8 (norm c. £28). Even bigger than normal cashback deals mean a year's cover from £6. See the Deals Note: Cheap Breakdown Deals Related: Cheap Breakdown Cover
Going to the US within 2 yrs? Do the ESTA NOW to beat charges
Compulsory ESTA security form due to charge. Do it free NOW, it lasts 2 years
Everyone from the UK going to the USA, even those just passing through, must fill out an Electronic System for Travel Authorisation (ESTA) form in advance or you'll be turned back. A $10 each fee's coming: A bill passed in the US Congress has given permission for a "cover the cost" charge on ESTAs, expected to be $10 and likely (though unconfirmed) to start this Sept-Oct. Do it now to save: As the ESTA lasts two years, simply fill out the form now while it's free if you're planning to travel. Frankly, even if you're not, do it anyway just in case. Renew existing ESTAs: If you already have an ESTA, there's no official renewal system so just complete a new application now and you'll be given another two years free. FULL info, links, and how to in the New Guide: US ESTA Forms Related: Cheap Flights, Cheap Hotels, Cheap Travel Insurance
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Burger King 2for1 Whoppers, Pizza Express 50% off & La Tasca 50% off
New restaurant vouchers! Plus Strada 2for1, ASK 2for1, Toby Carvery 2 courses for £5.25 and GBK 2for1
These, plus Little Chef, Giraffe, Azzuro, Auberge and Zizzi 2for1 for £1 in the Daily Deals List: Restaurant Vouchers
No subscription HD boxes - Freesat £65, Freeview £90
Got an HD telly, but not an HD box? You needn't pay a huge monthly whack
The cheapest way to watch BBC HD, ITV1 HD and more - perfect for the footy! See the Deals Note: Cheap HD
New! Cheap holiday spending AND 0% for 15mth card
Nationwide's triple threat: cheap spending abroad, bal transfers & free extra warranty
Nationwide's new credit card deal has three powerhouse features, a great 'one-stop shop' if you need them all, as only one application means less credit score impact. Yet if you don't need them all, go for the best buys listed instead... Balance transfers: Earn £25k+ and Nationwide Gold* lets new customers shift other cards' debts to it at 0% for 15mths for a one-off 3% fee, though it then jumps to 16.9% APR (alternatively, the Classic card's the same but rises to 19.9%). Best Buys: Natwest*, RBS* & Barclaycard* are also 0% for 15 mths, though with a lower 2.9% fee (16.9% APR after). See best balance transfers for FULL info. Spending abroad: Nationwide offers the best possible exchange rate if you buy things on it in Europe (and unusually repays costliest debts first, so doing spending AND balance transfers isn't an issue). Best Buys: Both Saga* (over 50s) and the Post Office* give perfect exchange rates WORLDWIDE, not just in Europe, though always repay in full to minimise interest or they're up to 19.9% APR. FULL info in the Cheap Travel Cards guide. Extra year's warranty: Use it to buy UK electricals and you get a year's extra extended warranty, and it's 0% for 3mths on spending. Best Buys: It's unbeatable for warranties but Virgin* offers 0% for 12 mths on both spending and (for a 2.98% fee) balance transfers (21.9% APR after) see Top All Rounder Cards
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Wed Only! Year's car club membership & 2hrs driving credit £18.50
(worth c.£70). Works in London, Glasgow, Oxford, Edinburgh, Cambridge, Bristol & Brighton. See the Deals Note: Discount Vouchers
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Urgent! 1,000 x 1p hotel rooms in London's Westminster (usually £30). Starts next Tue, but you must be quick, full details in the Deals Note: Hotel Sales
Urgent! Cheapest Energy Fix Ending - lock in £250/year saving now!
Warning! Wholesale gas prices UP 45% - cheap deals being pulled across the board
Heavy rumours say E.On's best-buy (for most regions) fixed rate deal will end this week and others will follow. For those who can't afford price hikes this may be the last chance to lock-in for a year, guaranteeing prices will be £200+/year cheaper than most now pay. Why are caps ending? It's reported wholesale gas prices (the price energy companies pay) are up 45% over ten weeks. While it's a stretch to say all prices will rise, current trends are upwards. Any worries capping? In the unlikely (but not impossible) event prices drop substantially before the fix ends, and you want to switch, there's usually a £30-£75 exit penalty that'd slightly diminish the gain. Find your cheapest fix: Who wins varies by region & usage, simply select the 'capped only' options on comparison sites' results... Compare, switch & get cashback: Top Pick: Energyhelpline* pays £15 cashback per switch. Dual Fuel: MoneySupermarket* £30 in cash, Uswitch* a crate of wine, SimplySwitch* £35 in Amazon vouchers. FULL info & cashback options in the Updated Guide: Cheap Energy + Cashback News: Cheap Caps Ending Related: Boiler Cover, Grant Grabbing
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Multi-use 1/3 off Odeon ticket voucher! Print as many times as you like and use anytime before Thur 1 July. More info in the Daily Deals List: Cheap Days Out
50% off sales at All Saints.com, Wallis, Coast and House of Fraser
Bargains inc £75 Uggs (were £119) at Shudoo.co.uk, Db'hams £24 coat (was £80) & Clarks £17 shoes (£35)
Join Adidas.co.uk (starting Thur 24 June), Warehouse and Mango all up to 50% off in the Daily Deals List: Sales Diary
New cheapest loans - 7.7% APR (for £7.5K +)
A shake up of loan deals means it's all change in the best-buy tables
There's a host of new loan deals out there. Yet only borrow if it's unavoidable, and ensure it's planned, repayments are budgeted for, as little as possible, and at the lowest rate. Plus the rates given are 'typical', annoyingly meaning a third of accepted applicants pay a higher rate. Over £5k - 8.8%: Alliance & Leicester* is 8.8% APR as is Sainsbury's (but you need an active Nectar card). Over £7.5k - 7.7%: Those who have its Flexaccount can now get Nationwide's* loan for just 7.7% APR, just pipping the 7.8% deals of Alliance & Leic* and Sainsbury's (needs an active Nectar card). Over £15K - 8.4%: Tesco* is 8.4%, then Alliance & Leic* 8.7%. Smaller Loans: Under £5k even the cheapest rates shoot sky high to 18%ish; instead use special credit cards with a facility to pay a lump sum into your bank account like MBNA's Reward Amex* or Rate for Life cards. Read cheap plastic loans for full instructions and best-buys. Don't take out PPI. Take the repayment insurance with these loans and it can add £1,000s and isn't included in the APR, yet you can get it much cheaper with standalone specialist PPI insurers. FULL info and more best-buys in the Updated Guide: Cheap Loans Related: Cheap Plastic Loans, Best Balance Transfers
Free plate of sushi at YO! Sushi. Just send a text for a free food code, see the Deals Note: Restaurant vouchers
London to... Brighton £5 return, Liverpool £15 & more. Special Oyster card promo gives super cheap cross country rail tickets. See the Deals note: Cheap train tickets
Last Chance! 1/3 off Tesco Home Insurance
Ends today (Wed)! Get a quote in case it's cheap - but always compare against top comparison sites too
Tesco's* home insurance promo ends Wed, so get a quote & compare to combined results of GoCompare*, CompareTM*, Moneysup* and Confused* then look for cashback too. Full Guide: Cheap Home Insurance
Protect purchases UNDER £100 by using the right plastic...
A MoneySaver's proof: "I received full refund to the Globespan collapse"
Most people know buy something costing £100+ on a credit card and Section 75 laws mean the card company is jointly liable so you can ask it for money back if things go wrong. Yet for goods under £100 there's still an option... Visa Chargeback: While it's not a legal right, just Visa's rules, spend on a Visa credit or debit card and if the goods don't appear within 120 days ask your bank to reclaim the money off the seller's bank... The Proof: Here's one MoneySaver's tale, ”I read about Visa Chargeback on your web site. I'd never heard of it and nobody else I knew had either - downloaded a letter to my bank and today received a full refund in relation to the Globespan holiday company collapse. Everywhere else I looked I was told to ‘forget it' as I had lost my money!”. For full info on how it works see Full Guide: Section 75 & Visa Chargeback Related: Earn 5% on cashback card, Consumer Rights, Cheap Online Shopping
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Urgent! Free £51 EuroDisney ticket when you travel by Eurotunnel (min £44 return). Only until 30 June though, see full info in the Deals note: Cheap Days Out
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| Big & Easy Ways To Save |
| Quick links or click the titles for full pros, cons, alternatives & more savings |
- Top Savings: Easy Access: A&L* 2.81% but 2.31% bonus (min £1,000) Clean Rate: Halifax* websaver 2.6% Fixed rates: 1 year: Punjab 3.25%, 2 year: Punjab 4% (min £1), 3 year: ICICI* 4.15% (min £1k)
- Cheap Travel Insurance: Annual cover: Individuals from £14, Familes from £28, Over 65s £29 & more
- Car Insurance: Use both MoneySupermarket* & GoCompare* then get cashback. Also see: Van, Motorbike
- Top Bank Accounts: A&L* £100 free cash & year's 0% overdraft, Halifax* £50 bonus then £5/mth
- 0% for spending: Virgin* 12 mths 0%, plus same on BTs, Tesco* 12 months 0%
- Cheap Broadband: Plusnet* £6.49/mth up to 10Gb download
- Cashback Credit Cards: Get 5% for 3 mths, up to 1.5% after on all spending with Amex Platinum*
- Compare Mobile Recycling Sites: Check if you get up to £150 for old mobiles via MSE's mobilevaluer.com
- Cheapest Line Rental: Primus* £8.99/mth
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| More MoneySaving |
Free £400 Fridges Update: It was so popular, we crashed nPower's site, and it's still fixing it, but no-one will miss out. Once it's fixed it'll be in this email again. More info: Free Fridges
Great 'Flatmate MoneySaving' Hunt
Sharing a house with non-partners/family is often MoneySaving but has its problems too. It may be getting home insurance, tax credit issues, or even just how to split the bills. So we're asking MoneySavers what their top tips are for flatmate MoneySaving. Add your ideas/read other people's: Great 'Flatmate MoneySaving' Hunt Past Great Hunts: View all
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Q. Natwest are replacing my Maestro with a Visa debit card and now charge when getting foreign currency at post offices, online etc. What do I do? Sharon, by email.
Martin's A: Yes there's a charge of the higher of roughly 3% or £2.50 whenever you pay for currency from a bureau de change on ALL credit and the following debit cards: A&L, Barclays Cahoot, Co-Op, Lloyds, NatWest, RBS, Santander & Smile.
To do it in person, just withdraw cash on a debit card from an ATM and use that to pay. Online it's trickier, if you or a partner has access to a debit card that doesn't charge (Halifax, HSBC, IF, Nationwide, Coventry) use that, if not then hopefully the improved rate gain offsets the extra cost (compare best holiday currency deals).
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Discuss: Holiday Currency
Suggest: A question of the week
(big general issues not personal q's pls) |
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Explanation of * Links
FSA NOTE: Referring people to insurers or insurance intermediaries can in some circumstances require FSA authorisation. For this reason, Martin Lewis of Shepherd's Studios, Charecroft Way, Shepherd's Bush, London W14 0EH is authorised and regulated by the Financial Services Authority.
How this site is financed. Any links with a * by
them are affiliated. That means go via this link and a contribution may be made
to MoneySavingExpert.com, which helps it stay ad-free and free to use. You
shouldn't notice any difference, the links don't impact the product at all and
the editorial line (the things we write) is NEVER impacted by it. If it isn't
possible to get an affiliate link for the best product, it's still included in
exactly the same way. As we believe transparency is important, we're including the
following 'un-affiliated' web-addresses for the same things: alliance-leicester.co.uk, comparethemarket.com, confused.com, energyhelpline.com,gocompare.com, halifax.co.uk, homephonechoices.co.uk, barclaycard.co.uk, amazon.co.uk, americanexpress.com, natwest.com, saga.co.uk, postoffice.co.uk, icici.co.uk, rbs.co.uk, mbna.co.uk, nationwide.co.uk, simplyswitch.com, tescofinance.com, moneysupermarket.com, plus.net, uswitch.com, virginmoney.com. Read more about this in how this site is financed.
MoneySavingExpert.com is the free to use Consumer Revenge website focused on how to save you cash. It's owned, and run by ultra-focused journalist and bestselling author Martin Lewis. On TV amongst other things Martin is GMTV's Money SavingExpert and presents money programmes for ITV1 Tonight. On Radio Martin has regular slots on Radio 2 Vine and Radio 1 Whiley. He's also a columnist for amongst others the News of The World, The Telegraph and the Sunday Post. Find out more: About the site and its funding.
Disclaimer: This e-mail is based on journalistic research. It does not constitute financial advice. Any information should be considered in regard to your
own specific circumstances. All tips are followed at your own risk and should be followed up with your own research Full Terms & Conditions.
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