There's a lot of financial changes in April to keep track of
From uprated benefits and wage increases to new laws, price hikes and tax changes, there's a lot to keep track of. Fortunately, we've broken down some of the major changes taking place as the new financial year gets underway.
Products and services such as stamps, passports and dental fees will see some steep increases, while motorists could find themselves paying more tax on their vehicles. The bill for an average Band D property will increase by 5 per cent to £2,171, with all of the 153 upper-tier councils applying some or all of the social care precept of 2 per cent, according to statistics released by the Department for Levelling Up, Housing and Communities.
United Utilities, the supplier of water in the north west, said the expected average household water bill from April 1 for 2024/25 will be £481, an increase of 7.9 per cent compared to the 2023/24 charges. Meanwhile, Northumbrian customers will see the lowest increase on average at £442 for the year.
This is the first TV licence increase since April 2022 after fee rises were temporarily frozen. The announcement was made in December 2023 by Culture Secretary Lucy Frazer where she told the House of Commons the increase will instead be based on September’s consumer prices index rate of inflation which was 6.7 per cent.
Standard paper applications when someone applies from overseas will also go up in price - to £112.50 for adults and £77 for children. The changes are set to be implemented from April 11. Meanwhile, the basic and new state pensions will receive an increase of 8.5 per cent in April. This is in line with the earnings growth measured as part of the pensions triple lock which will remain in place this year.
The changes will mark the largest cash increase seen by the minimum wage and the first time it has gone up by more than £1, according to the independent Low Pay Commission which advises the government on the rate.READ MORE: More than 1.5 million workers to get pay boost of up to £1,800 from April Thanks to a combination of cheaper rates and lower usage as the weather warms up, the average household is expected to spend just £127 on energy in April - down from £205 in March.Childcare and Child Benefit changes Last year, the government announced a huge shake-up to free childcare provisions in England and Wales. By September 2025, most working families with children under the age of five will be entitled to 30 hours of childcare support.
From April 6, around 170,000 families will be taken out of paying the high income tax charge when the threshold at which the charge starts will increase from £50,000 to £60,000. Lifetime allowance abolished A major shake up to the way that pensions are taxed will come into force from April 6, affecting anyone saving up money for their retirement. The lifetime allowance - the cap at which pension savings start incurring a tax charge - will be removed.
The minimum income requirement for family visas will also rise, initially to £29,000 from April 11, but by early 2025 this will be increased to £38,700.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Date new DWP payment rates will start for all benefit claimantsBenefit payments from the DWP and HMRC will increase in April
Read more »
HMRC and money changes coming in April that will affect your wagesMany workers will see their wage go up in just a couple of weeks
Read more »
All the money changes coming in April – including DWP benefit increasesAll the money changes and benefit increases coming in April – including changes to Child Benefit, Universal Credit increases and more
Read more »
Yorkshire households handed £3,000 DWP and HMRC boost from MondayNearly everyone in Yorkshire is set to benefit in some way
Read more »
DWP new state pension rates for April in full as millions to get £900 boostThe DWP will introduce new higher rates for state pension payments
Read more »
HMRC self-assessment helpline to shut for months from AprilChanges mean that, between April and September, the HMRC self-assessment helpline will be closed
Read more »