HOUSEHOLDS have been hit with plenty of financial upheaval so far this year and there are still more changes to come.Many families may be starting to look towards relaxing during the festive season, but there are still some naughty and nice money changes set to hit before the end of 2021.
1There are still several money changes that could help and hinder your festive celebrations this yearCredit: Getty
From the end of the furlough payments to the removal of the Universal Credit uplift, there has been plenty of pressure on people’s wallets in recent months.
Households bills are also being hit by rising energy costs and higher inflation.
Additionally, the supply chain crisis is having an impact on everything from food to fuel.
It can be hard to budget when you don’t know what is round the corner, particularly for low-income families.
The financial upheaval isn’t over yet and there are still several changes that could help and hinder your festive celebrations.
Here is what you need to know.
Fraud checks
New rules have been introduced for Universal Credit claimants.
These aim to combat fraud when avoiding face-to-face meetings.
One of these new checks includes asking claimants to take a photo outside their home and next to their street sign, as well as with a copy of their local newspaper.
Universal Credit taper rate slashed
The government announced a major change to Universal Credit rules in the Budget last month.
Chancellor Rishi Sunak announced changes to the taper rate, which is the amount Universal Credit clamants lose above a cetain allowance.
He said working Brits claiming the benefit will lose 55p for every £1 earned, instead of 63p.
In a win for The Sun’s Make Universal Credit Work campaign, it means that anyone on Universal Credit and working will be able to keep more of the money they earn.
Mr Sunak initially said he wanted the change in place by December 1, but it has since been revealed that it could come in as soon as November 24.
Universal Credit work allowance rising
Last month’s Budget also increased the amount some people working and on Universal Credit can earn before the taper rate kicks in.
The change, set to be introduced on December 1, will increase the allowance by £500 per year and ultimately means people get to keep more of what they earn.
You can get a work allowance if you (or your partner) are responsible for a child or have limited capability for work.
How much it is depends on whether you claim the housing costs element of Universal Credit.
The monthly Work Allowance is set at £293 if your Universal Credit includes Housing Support and will rise by around £42 to £335 next month. …
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