Just yesterday (Wednesday) Chancellor Rishu Sunak unveiled the Budget at the House of Commons.
He announced Brits on tax credits will get £500 one-off payments and even extended the furlough scheme until September.
There have been other changes to the tax system as Britain's economic recovery plan out of the coronavirus pandemic was revealed.
Mr Sunak announced several stealth raids on people's income with a five-year freeze on income tax allowance and thresholds.
But the changes from Wednesday's spring Budget could end up costing tax payers thousands of pounds.
So what are the five tax changes that may impact your finances?
Inheritance tax
Inheritance tax thresholds are also being held at their current levels for the next five years.
An individual can pass on £325,000 of their wealth tax-free to their loved ones.
And there is a £175,000 allowance for a main home, giving an individual a whopping £500,000 in total.
It's likely more households could be hit by the tax, for example if property prices rise.
Capital Gains Tax
The thresholds for paying Capital Gains Tax will stay at the current rate until April 2026.
It applies to personal possessions worth £6,000 or more, property that isn't your main residence and investments which aren't wrapped in pensions or ISAs.
The threshold at the moment is £12,300 for individuals, personal representatives and some types of trusts and £6,150 for most trusts.
Brits then have to pay tax on any gains above that threshold but as it has been frozen for the next five years, more people are likely to be hit.
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Corporation tax
The government announced an increase in tax will be from 19% to 25% in Wednesday's announcement.
Mr Sunak said the rise will be come into effect from April 2023.
This could impact anyone who has set up their own business – including self-employed company directors.
Firms with profits of £50,000 or less would still only have to pay 19% under what the Chancellor called a Small Profits Rate.
A taper will be introduced above £50,000 so only companies with profits of more than £250,000 will be taxed at the full 25% rate.
Pensions lifetime allowance
Mr Sunak also announced the pensions lifetime allowance will be frozen as part of his spring Budget.
The current allowance is £1,073,100 and it expected to rise in line with inflation – but now it will be held until April 2026.
It could penalise savers who have sacrificed most of their monthly salaries to pop into their retirement pots.
If your savings across all pots exceeds the threshold then you could be hit with a tax charge.
This is most likely to impact public sector workers such as doctors or senior teachers as well as high earners in the private sector.
Income tax allowance
The Chancellor announced the tax-free personal allowance will be frozen.
This allowance is the amount of money you can earn before you have to pay any income tax.
At the moment the allowance is set at £12,500, but it is due to rise to £12,570 from April this year.
Mr Sunak said: "Nobody's take home pay will be less than it is now, as a result of this policy."
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