MTTM Podcast Episode 498 – Tax year checklist, Car finance mis-selling update & Chase bank changes

Listen to Episode 498

On this week's show we run through some of the financial planning considerations ahead of the tax year end. I then give you an important update on the car finance mis-selling scandal, including some important dates for your diary. I also explain why you might receive a payout without having to do anything. Finally, Andy explains the changes Chase Bank has made to its current account cashback offering and the alternatives you might now want to consider. Leave us a voice note via Whatsapp for our 500th show - 0208 163 3629

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Episode 498 Podcast Summary

Enf of Tax Year checklist

Summary:

I outline several important financial considerations as the tax year end approaches on April 5th. Key areas covered include maximising pension contributions, utilising ISA and Junior ISA allowances, managing capital gains tax, optimizing dividend income, and taking advantage of marriage tax allowance and inheritance tax exemptions.

Key Insights:

• Take a look at our article for the full list of 'tax year sensitive' tasks: End of Tax Year Checklist

Latest on the car finance mis-selling scandal

Summary:

The FCA has indicated they are likely to consult on an industry-wide redress scheme, which could mean that millions of affected customers could be automatically compensated without even having to file a complaint. This relates to car finance arrangements prior to January 2021, where dealers were able to set higher interest rates and earn larger commissions. The FCA is waiting on a Supreme Court decision in April that could further expand the scope of the scheme to include cases where commission disclosures were inadequate. While the details are still being finalised, this could result in billions in payouts to consumers.

Key Insights:

• Check out our article titled 'Redress scheme: Car finance mis-selling victims could receive automatic compensation'
• Find out if you could be eligible for compensation
• If you have already complained about the mis-selling of your car finance, then you can find out the next steps using this tool
• Sign up for car finance complaints updates here

Changes Chase Bank's cashback eligibility

Summary:

In the final piece, Andy discusses the significant changes coming to Chase Bank's cashback offering. Effective April 7th, 2025, Chase customers will only be able to earn up to 1% cashback on purchases made in the UK, and this will be limited to specific categories like groceries, transport, and fuel. This is a major shift from the previous more generous cashback structure that rewarded a wide range of spending, including abroad.

Key Insights:

• Read our article 'Chase cuts its 1% cashback offering in major blow to customers'

Episode quiz will show here soon

Episode quiz 

1. You can give away a total of £3,000 worth of gifts each tax year without them being added to the value of your estate. This is known as your ‘annual exemption’. How many years can you carry forward any unused allowance?

a) 1 year
b) 2 years
c) 5 years
d) 7 years

2. What is the key deadline for making voluntary National Insurance contributions to plug gaps in your state pension record as far back as 2006?

a) April 5th, 2025
b) December 31st, 2025
c) April 5th, 2026
d) There is no specific deadline

3. What is the maximum amount that can be contributed to a Junior ISA in the current tax year?

a) £4,000
b) £6,000
c) £9,000
d) £12,000

4. Who should consumers file their complaints with regarding the car finance mis-selling?

a) The car dealership
b) The lender that provided the car finance
c) The FCA
d) Your local MP

5. Which of the following spending categories will NOT qualify for cashback with Chase Bank after the changes?

a) Groceries
b) Fuel
c) Transport
d) Spending abroad

Answers

1. a) 1 year
2. a) April 5th, 2025
3. c) £9,000
4. b) The lender that provided the car finance
5. d) Spending abroad

Resources

Links referred to in the podcast:

• End of Tax Year Checklist
• Marriage tax allowance
• Best Cash ISAs
• How to earn National Insurance credits
• NI top-up deadline extended
• How to fill gaps in your national insurance record
• Redress scheme: Car finance mis-spelling victims could receive automatic compensation
• MSE car finance claim tool
• Find out if you could be eligible for compensation
• Sign up to FCA updates on the latest Car finance complaints
• Chase cuts its 1% cashback offering in major blow to customers
• Best cashback and reward credit cards
• Take out a free trial of 80 20 investor