Car finance firms could be seeing an issue "on par" with the PPI scandal, according to one consumer compensation expert.
14.03.2024 - 14:51 / manchestereveningnews.co.uk
Martin Lewis is urging millions of people to take action as they risk missing out on more than £1,000.
The money-saving expert said more than two million are missing out on a tax break worth £1,256 and they only have until April 5 to get it before it's gone forever. During this week's episode of the Martin Lewis Money Show Live, he informed viewers that a "staggering" 2.1 million couples can claim Marriage Allowance.
He exclaimed that they should "stop making excuses" and fill in the application form. Couples can get up to £252 this tax year, however, the claim can also be backdated to 2019/20, making it worth £1,256.
READ MORE: Police issue update on arrested M62 driver after 'runaway electric car brought to stop'
Martin told viewers: "This is the Marriage Tax Allowance, if you don't apply now you may lose £250, there are a staggering 2 million 100,000 couples out there who are eligible for this - it is big money - and are not claiming it. There are two criteria, first of all you must be married or in a civil partnership - I’m afraid cohabiting does not count - and one of you must be a non-taxpayer, so that's usually under £12,570 a year and the other one a 20 per cent tax payer, so hat’s usually earning between £12,500 to £50,000a year.”
He continued: "The taxpayer then has an extra 20 per cent of which they are not taxed. The really important thing is if you were eligible for this since 2019/20 you would be due a total of £1,256 if you claim back - you need to do it now or you lose the £250 for that 2019/20 tax year.
“Once you claim it's then paid automatically year after year, although you do have to declare if you’re no longer eligible for it.”
Because the backdated payment is issued by BACS, it will land
Car finance firms could be seeing an issue "on par" with the PPI scandal, according to one consumer compensation expert.
When it comes to skincare, I think we are all guilty of gravitating towards the latest releases on the market for their supposed revolutionary technology. But actually, there's a reason why some products that have been around for basically forever continue to sell really well.
Households feeling the strain from the past few years of eye-watering energy prices should soon feel some of that financial pressure lift as energy bills fall by around 12 per cent from April. But not everyone will feel the full effect of this price drop if they forget to do one important thing this weekend.
Personal finance guru Martin Lewis has spoken out on his podcast about the 'moral hazard' of increasing standing charges on energy bills from next month, which he likened to a modern-day 'poll tax' on ordinary people.
Money saving expert Martin Lewis has warned millions of EE, Vodafone, O2 and Three customers to send a simple but crucial text before next Monday.
Martin Lewis has given his latest expertise on the likelihood of motorists getting a big payout.
Martin Lewis has issued an urgent warning for easyJet customers as he warns frequent flyers to "act quick" if they want to take advantage of some cheap flights.
Financial expert Martin Lewis has criticised a key part of the modern tax system that has ballooned in recent years and can affect the poorest households the most, Council Tax. Despite the tax being based on bad data, some of which was collected by two people driving around in second gear and guessing the value of each property, most homes are still taxed based on their value more than 30 years ago.
Stamp prices are set to rise by by 10p from next month. The Royal Mail confirmed it will increase the price of first-class stamps to £1.25 and second-class stamps at 86p.
Martin Lewis is warning Brits to stock up on a household staple before in the next two weeks.
Later this year, households with £5,000 in savings will be able to invest in a new type of ISA. The Government has confirmed the introduction of a new British ISA to encourage investment in UK companies and boost the City.
Martin Lewis has explained the 'frustrating' reason energy billpayers are not likely to see standing charges fall anytime soon.
Martin Lewis has dished out his latest advice to help mobile and broadband customers save money as companies get set to hike prices.
More than 80,000 people across the UK are thought to be owed a total of £500m by the Department for Work and Pensions (DWP), mostly including married women, widows, and people over a certain age. The average sum owed to each of these people amounts to £6250 in money that was owed to them in the first place.
Around one in five people across the UK are set to receive a massive cash boost from next month, as the new State Pension rates are set to increase by as much as £902 each year for people on the full benefit.
The MoneySavingExpert Martin Lewis is urging people of a certain age to pay money into a special bank account soon if they want to get additional help purchasing their first home.
Martin Lewis has issued a word of advice to everyone born between 1985 and 2006, telling them to put £1 in a savings account quickly.
Millions of workers across the UK will get a boost to their wages worth hundreds in less than a month.
Martin Lewis has issued a warning to parents who may be confused over the changes to Child Benefit.
This Morning viewers have been flocking to social media as they begged new host Cat Deeley to change one habit. The presenter returned for her second stint at the helm of the ITV daytime show as the new permanent co-host on Tuesday (March 12).