Everything you need to know about the money changes coming next month from benefits payments to interest rates
May is almost here, and with it come a range of money changes. From benefit increases, early benefit payment dates and more, we’ve compiled the full list below.
This is because benefits are usually paid in arrears. Your earlier payments may have spanned both the 23/24 and 24/25 tax years. It’s thought rates could be cut, which would mean interest on mortgages, loans and more would only increase by a small amount – although this cut may not happen until later in the year.
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Exact benefit payment dates for May – including Universal Credit and Child BenefitMany UK families will see a change to benefit payments in May – including those who claim Universal Credit, Child Benefit and more.
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Increase in Child Benefit and High Income Child Benefit Charge announcedParents across the country will now see an increase in support following an uprate in benefits and payments for the new tax year. HM Revenue and Customs (HMRC) Introduced new rates for Child Benefit on Saturday, April 6 after the government previously confirmed a range of benefits would rise by 6.7 per cent in line with inflation. Meanwhile, the High Income Child Benefit Charge (HIBC) has also been increased. The threshold income for when one parent claiming the benefit has to begin paying it back has been increased from £50,000 to £60,000. Because of this, around 170,000 families will not have to pay back Child Benefit, according to Laura Trott, Chief Secretary of the Treasury.
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Changes to Child Benefit and High Income Child Benefit ChargeParents claiming Child Benefit will see a number of changes take place this week. From the start of the new tax year on Saturday, April 6, Child Benefit will see higher rates alongside many other benefits across the country. Meanwhile, a change to the High Income Child Benefit Charge will see more fairness for more than 100,000 families.
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Parents on Universal Credit get extra cash after child benefit changesParents can receive extra support for childcare while working
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All the benefits rising TODAY – including Universal Credit and Child BenefitBenefit increases 2024 – all the benefits that will be increased in the coming days, including Child Benefit
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Exact dates DWP Universal Credit, PIP, HMRC Child Benefit and more will riseBenefit rates will change significantly in the coming days
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