The amount you can earn tax-free will go up this weekend as a new tax year kicks off on6 April, but other changes may be less welcome. So, will you be better or worse off in 2019-20?
The new tax year brings an increase to the amount you can earn tax-free as an employee, but also a raft of other changes that could affect your tax bill, including new rules and updated allowances.
Now is the perfect time to find out how to take full advantage of the allowances and minimise the amount of tax you'll need to pay.
From reducing tax on savings interest to using the Rent-a-room scheme, Which? reveals how much you could earn tax-free this year.
Every year, you can earn a certain amount of money before you'll have to pay any tax - this is your tax-free allowance. And it's not just about money you earn from employment - profits on your savings, dividends and asset sales each have their own allowance.
Click on the links below to find out more about each one:
If you buy, sell or rent anything of value, you could also qualify for several other allowances:
For 2019-20, it will be rising to £12,500, up from £11,850 in 2018-19, and it's the same whether you're employed or self-employed.
This means you'll be able to take more of your earnings home.
The graph below shows how the personal allowance has increased over the past few years:
If you earn more than £12,500, you'll have to pay tax on the earnings over the threshold:
High earners will lose £1 of personal allowance for every £2 of their earnings that exceed £100,000. This means that anyone earnings over £125,000 will have no personal allowance, and pay tax on their full income.
While everyone's thresholds will increase in 2019-20, the effect on your pay packet will depend on how much you earn.
If you're employed, you'll pay Class 1 contributions of 12% if you earn between £8,632-£50,000 - in 2018-19 the minimum threshold was £8,424.
Earnings above £50,000 will be taxed at 2%. The threshold for this was £46,350 last year, so those earning just under £50,000 will find they pay more National Insurance this year.
If you're self-employed, you're likely to pay Class 2 and Class 4 contributions.
The threshold for having to pay Class 2 contributions will rise to £6,365, but the amount you pay is also going up, from £2.95 to £3 a week.
If you earn a profit between £8,632 and £50,000, you'll pay for Class 2 as above, plus Class 4 rates of 9%. And profits over £50,000 will be taxed at 2%.
You might earn dividends as part of your income if you have invested in company shares. You'll only be taxed if you earn more than £2,000.
The rates are shown below:
The graph below shows how the allowance has changed over the past few years.
If you own assets jointly with a spouse or civil partner, you can pool your allowances to bring the total to £24,000.
If you exceed the allowance, the amount of tax you pay will depend on which income tax band you fall into. Property is taxed at a higher rate, although your main home is excluded from all capital gains tax.
Basic-rate taxpayers pay 10% on assets and 18% on property. Higher and additional-rate taxpayers pay 20% on assets and 28% on property.
If you make losses on the assets you sell, you can offset these against your other gains.
This is for couples where one partner earns less than the personal allowance (£12,500 in 2019-20), and the other earns between £12,500 and £50,000, making them a basic-rate taxpayer.
The marriage allowance means the lower earner can transfer 10% of their personal allowance to their partner. This effectively means the higher-earning partner will be able to earn £13,750 before tax, rather than £12,500 - so they'll be able to keep more of their salary.
In real terms, the higher-earning partner could make a tax saving of up to £250.
If you earn money from buying or selling low-value items, the trading allowance means you can earn up to £1,000 without paying tax on your profits.
This includes money earned from selling items on eBay, making crafts to sell on Etsy or doing odd jobs for sites like TaskRabbit or Airtasker.
In a similar way to the trading allowance, you can earn up to £1,000 from your property without having to declare it to HMRC.
This can be from things like renting out your driveway to park in, or using your house or garden for photo shoots or film sets.
The Rent-a-room scheme threshold will remain at £7,500 for 2019-20 - this is the amount you can earn from letting a room in your home through the scheme.
Depending on your income, you could earn up to £6,000 in savings interest this year without paying any tax.
This is through the combined use of the starter savings rate of £5,000 and the personal savings allowance of £1,000.
The catch is, that only those who earn less than the personal allowance will be able to claim this full £6,000 allowance.
For each £1 you earn over the £12,500 personal allowance threshold, the starter savings rate you're eligible for will reduce by £1 - so, if you earn more than £17,500, you won't qualify for the savings starter rate at all.
If you're a higher-rate taxpayer, the personal savings allowance is reduced to £500, and additional-rate taxpayers don't receive any personal savings allowance.
To avoid the issue of tax on interest altogether, you could choose to save into an Isa.
You can pay it all into one of these accounts, or mix it up between different types of Isas.
The graph below shows the maximum amount you can pay into each type of Isa.
The money held in an Isa is tax-free, so no matter how much interest your savings generate, you won't be taxed on it.
This payment won't come out of your Isa allowance; it's totally separate.