The new 2024-25 tax year begins on April 1, which is why there are always so many significant financial changes at this time of year
UK households are set to receive a big boost of £3,082 starting from April. It's been tough for families all over the UK as the cost of living crisis has put a strain households across the country.
The great news is that through a mix of tax cuts to win votes, yearly benefits reviews linked to inflation and changes to price caps, families could benefit by thousands of pounds if they fall into the groups getting the cash, reports Yorkshire Live. National Insurance started in the 1950s to help pay for the NHS. It's like a national 'health insurance' that everyone who works pays into so we can all get healthcare for free when we need it.If you're on the 1257L tax code, you'll get back about £900 on average this year. For every £10,000 you earn over £26,000 up to £50,270, you'll get £400 back.
Ofgem has said: "From 1 April to 30 June 2024 the price for energy a typical household who use electricity and gas and pay by Direct Debit will go down to £1,690 per year. This is £238 per year lower than the price cap set between 1 January to 31 March 2024 ." The government explained the Universal Credit increase: "In 2024/25, around 5.5 million Universal Credit families are forecast to benefit from uprating with an average annual gain for a family on Universal Credit estimated to be £470 , however gains will vary depending on the elements received by different family types."
From April, the Full Basic State Pension will also go up thanks to the 'triple lock', from £156.20 per week to £169.50, which is an increase of £13.30. The Full New State Pension will rise by £17.35 from £203.85 to £221.20.
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