Do you know how much tax you'll pay this year? Thanks to HMRC's new tax calculator it's now much easier for you to find out.

If you have relatively simple tax affairs (you can check the HMRC website for criteria) you'll be able to use the Simple Tax Calculator.

This will show you how much Income Tax and National Insurance you'll pay in total, and how much money you'll get to take home.

If you have more complex tax affairs there's an Advanced Tax Calculator that will show you the same.

Whichever version you use you'll get a detailed breakdown that shows how the government will spend your money - it's really quite eye opening and definitely worth checking out!

You can access the Tax Calculator on the HMRC website and also download it as an app from iTunes or Google Play.

Read our guide: Are You Paying Too Much Tax? for more info and How to Claim Tax Back to find out what you should do if you've overpaid.

What else is happening?

Recently bereaved Brits could be entitled to claim back Inheritance Tax.

They could be due a partial refund of IHT paid on their loved one's estate if the former home of the deceased sold in the last 4 years for less than the figure used in the Inheritance Tax calculation. According to NFU Mutual up to £90 million could be reclaimed by those that have recently inherited.

StartUp Loans designed to fund fledgling businesses of young would-be entrepreneurs are now available.

The government-backed scheme extends loans of around £2,500 to those aged 18 - 24 who have a solid business plan. Borrowers will have up to five years to repay their loan that will have interest added at a rate of 3% plus RPI.

Your bank now needs to make it clear to you exactly how your money is protected in the event they collapse

The same applies to building societies and credit unions. This requirement has been set out by the FSA who are trying to address how few people understand what they need to do to make sure their savings are safe.

Spain are expected to ask for financial help from European Central Bank in the not too distant future

The government appear to be struggling to shore up their financial system alone and while Prime Minister Rajoy has denied rumours that the country needs monetary aid, he has asked the ECB to extend direct loans to the Spanish banks instead.

The 'pasty tax' levy has been revised after being generally ill-received.

Consequently hot food, like sausage rolls and pasties, will remain VAT exempt as long as they are sold on shelves (so technically cooling down) - they'll still be VAT-liable if they are kept warm in a heated cabinet!

Next Monday and Tuesday, 4th and 5th June, are both UK bank holidays in celebration of the Queen's Diamond Jubilee.

Check with your employer to find out whether you get the time off, and ensure that you get any bills due next week settled before the weekend so you don't get caught out by the two day break.