Benefit recipients for Universal Credit and Child Benefit are among those recommended to watch their bank accounts
A financial advisor has encouraged benefits recipients to 'plan ahead' in light of altered payment dates this month by the DWP and HMRC.
Those currently receiving benefits such as Universal Credit and Child Benefit are recommended to watch their bank accounts due to changes in payment schedules. Child Benefit, typically paid on August 26, will shift to August 23, with Tax Credits sharing the same alteration. The adjustment in payment days also impacts Universal Credit, Personal Independence Payments , state pension, Carer's Allowance and Jobseeker's Allowance. Although an early payment is rarely seen negatively, it does mean that claimants will need to wait an extra three days until their subsequent payment, therefore careful management and budgeting of these payments will be crucial, reports The Express.
"Effective communication from DWP and HMRC is critical, especially when bank holidays affect payment dates. For example, Child Benefit and Tax Credits due on August 26 will be paid earlier, on August 23. Such information must be clearly communicated to recipients so they can plan their finances accordingly and avoid any potential difficulties."
"Changes in payment schedules, such as those occurring due to the August bank holiday, are significant for vulnerable populations, including those receiving Universal Credit, Personal Independence Payment , and State Pension. An early payment ensures that these individuals, many of whom live on tight budgets, can maintain their financial stability without interruption."
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