It's price hike day - the day each year when broadband, prescriptions, council tax and dozens more bills rise with inflation as a new financial year sweeps in.
Unfortunately, this is not just another April Fool's joke, and sharp increases are set to hit almost every single household in the UK – affecting gas, electricity, mobile phone bills and even Sky TV packages.
Drivers will also take a hit today as vehicle excise duty rises along with inflation today.
In total, the increases will add £5.95billion onto the average cost of living – or £206 per household, according to Money.co.uk.
And the increase in bills will be far from welcomed by many households in Devon and Cornwall, where people have seen months of increased financial pressure due to the Covid-19 pandemic and subsequent lockdowns which have over a million people out of work nationwide, reports The Mirror.
Sarah Coles, money analyst at Hargreaves Lansdown, said: “One of the biggest price rises comes in the form of council tax rises, which are up an average of 4.4% to £1,898 for band D properties. That’s an average increase of £6.75 a month.
“It’s also worth watching out for energy price rises if you’re on the default tariff. The energy price cap is rising £96 a year to £1,138 - which reverses all the price cuts we saw during the pandemic.”
Here is a look at all the new laws, charges and benefit changes coming this month and how they will affect you.
Laws
Mandatory electrical checks for tenants
Tenants will get tougher rights against law-breaking landlords as new rules on hazardous homes come into force - together with large penalty fines.
The new laws mean all existing rented properties in England will need an electrical safety inspection every five years.
The inspection, known as an EICR or electrical installation condition report, will highlight any urgent work needed to ensure the property is safe.
Landlords who fail to comply or have necessary repairs undertaken could face fines of up to £30,000, reports Manchester Evening News.
Mobile phone ban
Strict new rules are set to come into place targeted at people using mobile phones behind the wheel.
Drivers could risk a £200 fine and six penalty points for holding their phone while driving.
The new ban fixes a loophole which allowed people to take photos and videos while driving without being penalised.
This is due to be introduced in the coming months after a consultation period ended on January 17.
Charges
NHS Prescription Charges
NHS prescription charges in England will rise to £9.35 on April 1.
The price of a three-month PPC will become £30.25 (an increase of 60p) and a 12-month PPC will be £108.10 (an increase of £2.20).
TV licence
The cost of the annual TV licence fee will rise from £157.50 to £159 on April 1.
The Government is responsible for setting the level of the licence fee and announced in 2016 that it would rise in line with inflation for five years from 1 April 2017.
The new cost equates to 43p per day, according to the broadcaster.
Council tax hike
The Office for Budget Responsibility said councils will increase the levy by £1.8 billion after the Government gave them the go-ahead to introduce hikes of up to 5 per cent.
That will mean increases of between £50 and £100 for band D properties, which paid an average of £568 in 1993 compared to £1,817 this year.
If you're retired, live alone, are on benefits or are disabled, you may be able to escape the council tax hike or pay a lower rate.
Millions of people may also be on the wrong tax band. If you act now, you may be able to avoid the rise.
Increasing Vehicle Excise Duty (VED)
VED, often called road tax, is rising in the new tax year which means you'll have to pay more to keep driving your car.
As before, the amount of tax you'll pay will depend on your new car's CO2 emissions.
Benefits, pay and other financial changes
State pensions increase
While others will see tiny increases in wages and benefits, or no increase at all, the state pension will rise by 2.5 per cent.
That brings it to £179.60 a week for people with full credits on the new-style pension.
The rise is a result of rules saying pensions are guaranteed to rise by at least this - or by inflation or average wages if they have bigger increases.
Minimum wage
Millions of people will see their wages rise on April 1, when the new minimum wage rates come into force in England.
Basic rate workers will get a 2.2 per cent increase, with the National Living Wage rising to £8.91 an hour.
For the first time, the Government's highest rate will also include those aged 23 and over - workers who previously fell under the lower wage bracket.
This means 23 and 24-year-olds who are currently on £8.20 an hour will see their pay jump by 71 pence to £8.91 next month.
Statutory Sick Pay
Statutory Sick Pay (SSP) rates are changing from April 6.
The amount you need to earn to qualify will remain at £120 a week, however the payments will rise to £96.35 a week.
Family leave and maternity pay
The rate of pay for maternity, paternity, adoption and shared parental pay is also increasing to £151.97 a week from next month.
Family-friendly payments usually increase from the first Sunday in April - April 4, 2021.
Tax allowances and thresholds
The amount you can earn before having to pay income tax - known as your personal allowance - is rising to £12,570 on April 6. The starting point for higher earners (40 per cent tax payers) will jump to £50,271.
It means a few more pounds in your pocket - but in the long run, most people won't be better off.
That's because the thresholds are set to be frozen for five years from April.
It means those who get a pay rise between now and 2026 may end up in a new tax bracket - and as a result pay more tax.
The Government's official forecaster said this would mean 1.3 million more people paying income tax and one million more paying the higher rate of tax in the long run.
Marriage allowance
The Marriage Allowance allows anyone with an income of £12,500 or less to transfer up to £1,250 of their Personal Allowance to their husband, wife or civil partner - if their income is higher.
This means they get a tax break - worth around £250 a year.
Claims can currently be backdated up to four years - meaning you can claim as far back as 2017 right now - totalling £1,150 back.
But this will change to 2018 at the earliest with the new tax year. If you were married in that year, it's your last chance to make a claim.
Advanced Universal Credit payments
Advance payments for Universal Credit are also changing - and it's for the better.
These advances currently have to be paid back in instalments over 12 months - but that repayment period is set to increase to 24 months.
Deductions are currently capped at 30 per cent of the standard allowance, but this will reduce to 25 per cent.
The measures will now come into force from April 2021 instead of October 2021.
Working tax credits
Brits on working tax credits will get a £500 one-off payment to help them through the ongoing Covid crisis.
Chancellor Rishi Sunak said that because of the way that the working tax credits system works, people will not be able to get the extra weekly £20 given to Universal Credit claimants from April.
Instead, they will be given a lump sum upfront by April 23.
Child benefit
Child benefit is rising to £21.15 per week for the first child and £14 per week for subsequent children from April 12.
This is an increase of 10p and 5p respectively per week and means the new monthly payments will be £84.60 for an eldest or only child and £56.00 for any additional children.
The payment comes through every four weeks on a Monday or a Tuesday and the claimant will also be awarded national insurance credits which can count towards their state pension.
However, if a claimant or their partner earns more than £50,000 a year, a fraction of it must be repaid at the end of the tax year.
This is at a rate of one per cent for every £100 earned over £50,000. If over £60,000 is earned in a year, the whole amount must be repaid.
Universal Credit
Universal Credit is rising slightly this month on top of the £20 uplift extension.
For those single and aged under 25, the standard allowance will rise from £256.05 to £257.33.
Those single and aged 25 or over will see the standard allowance rise from £323.22 to £324.84.
For joint claimants both under 25, the standard allowance will rise from £401.92 to £403.93.
Universal Credit claimants can also get a boost if they are caring for a severely disabled person for at least 35 hours a week. The amount you get a month will rise from £162.92 to £163.73.
Disability Living Allowance
The highest amount you can claim in Disability Living Allowance is rising to £89.60 (from £89.15).
The middle amount is rising to £60.00 (from £59.70) and the lowest amount is jumping up to £23.70 (from £23.60).
Employment and Support Allowance
Employment and Support Allowance for under-25s is rising to £59.20 (from £58.90) while those aged 25 and over will see their payments rise to £74.70 (from £74.35).
Housing benefit
Housing benefit is rising to £59.20 (from £58.90) for under 25s and to £74.70 (from £74.35) for 25s and over.
Those entitled to main phase ESA will get £74.70 (up from £74.35) from April 6.
Pension Credit
Pensions credit is designed to help people in retirement have a decent standard of living.
From April, payments are rising to £177.10 from £173.75 - with the rates rising even further if you are a carer.
Personal Independence Payments
The Personal Independence Payment (PIP) daily living component is rising to £89.60 (from £89.15) for enhanced claimants and £60 (from £59.70) for standard claimants.
The Personal Independence Payment mobility component is rising to £62.55 (from £62.25) for enhanced and to £23.70 (from £23.60) for standard payments.
https://news.google.com/__i/rss/rd/articles/CBMiW2h0dHBzOi8vd3d3LmNvcm53YWxsbGl2ZS5jb20vbmV3cy91ay13b3JsZC1uZXdzL2NoYW5nZXMtbGF3LWJlbmVmaXRzLWNoYXJnZXMtY29taW5nLTUyNTM0MDTSAQA?oc=5
2021-04-01 10:24:36Z
52781477538987
Tidak ada komentar:
Posting Komentar