Martin Lewis shares savings tips before tax year ends

Martin Lewis, a well-known financial expert, has shared five important tips for UK taxpayers to maximize their savings before the end of the tax year on April 5. He emphasizes that this date is crucial for managing finances effectively. First, Lewis advises people to fill up their Individual Savings Accounts (ISAs) to avoid paying tax on the interest earned. Each person can deposit up to £20,000 in a cash ISA tax-free every year. Unused allowance will be lost after April 5. Second, he recommends that anyone with a Lifetime ISA (LISA) make contributions if possible. This account is for first-time homebuyers and offers a 25% government bonus, potentially adding £1,000 in free cash each year. Lewis also highlights a tax benefit for married couples or those in civil partnerships. A non-income taxpayer can transfer part of their tax-free personal allowance to their partner, which can result in savings of up to £252 a year. For those aged 40 to 73, Lewis notes the opportunity to "buy back" National Insurance years, which could lead to significant increases in state pension benefits if done before the new tax year starts. Lastly, he reminds employees who wear uniforms for work that they can reclaim expenses related to their uniforms, which can be up to £200 for multiple years if claimed. These steps can help taxpayers make the most of their finances before the new tax year begins.