Monzo urges customers to carry out 3 essential checks ahead of April 6 | Personal Finance | Finance

Monzo has issued an alert to its customers ahead of the new tax year. The bank has encouraged all its account holders to carry out three essential checks, as they may be impacted by changes coming into effect on April 6.

As Monzo pointed out, the tax year resets the tax-free ISA allowance, and certain government tax regulations will come into force. This could therefore be the perfect opportunity for customers to give their finances a thorough ‘spring clean’. The bank shared a social media post outlining what the new tax year means for its customers and how their money could be affected, reports the Mirror.

Monzo wrote: “April 6 in the UK means it’s a new tax year. You might be wondering, how does this affect you? Or why should you even care? Well luckily for you, we created this carousel just to answer those questions.”

In the post, Monzo suggested using the new tax year to set new financial goals. “It can be a good time to spring clean your finances and evaluate what’s going on,” the post said. The bank also shared three actionable steps for customers in its carousel post.

For the first slide, Monzo said: “It’s a good time to check you’re paying the right amount of tax. You can check this on the government website.” On the next slide, Monzo continued: “Your £20,000 tax-free ISA limit resets. So you can plan out your savings for the year.”

Lastly, Monzo reminded customers to stay up to date on how tax rules could affect them. The third slide explained: “Government tax rules or reliefs will kick in. Make sure you’re up to date on how this affects you.”

Monzo also shared an alert for customers on Facebook. In a further post, Monzo said: “So… why is the new tax year important? Right, we know the word ‘tax’ generally doesn’t conjure up happy and joyful feelings.

“But the new tax year (starting 6th April in the UK) is actually a really good time to take stock of your money. Your annual tax allowance resets on this date. It also affects your savings, specifically your ISA allowances.”

The post continued: “This tax year, you can add up to £20,000 total to your ISAs and not pay tax on any earnings (interest or investment earnings). And this limit will reset at the start of the new tax year. Any changes that the government has made about tax will also usually start at this time.

“So yes, the word ‘tax’ can be scary and boring. But see it as a financial new year and your chance to have a look at your money and see what’s going on. Happy almost new (tax) year, folks.”

The current tax year runs from 6 April 2025 to 5 April 2026. The new tax year begins on 6 April 2026.