Five big money changes in July including Universal Credit direct payments – how you’re affected

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When some big money changes are taking place next month, the housemates would like to enclose these five important dates in their diary.

July is a big month for your finances, with the first installment of £650, landing living payments in accounts, rising up to the National Insurance limit.

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Here are the big personal finance changes you need to know about in Julycredit: getty

We explain what’s happening and when, and how it will affect your wallet.

The first £650 cost of living payment installment

Will be given to more than eight lakh families The first part of their one-time living payment of £650 next month.

The first lot of money is £326 and will be paid out Between July 14 and the end of the month,

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You’ll get help if you claim the following means-tested benefits: Universal Credit, Income-Based Job Seekers Allowance (JSA), Income-Linked Employment and Support Allowance (ESA), Income Support and Pension Credit.

You will need to receive qualified benefits or initiate a successful claim by May 25, 2022, to receive the first payment.

There is no need to apply for payment – it will automatically be credited to your account.

But those claiming tax credit will have to wait longer for their payment.

£1,000 British gas bill assistance scheme opens

On 1 July, British Gas Energy Trust reopens – and you don’t have to be a customer to get help for up to £1,000 on your bills.

The money is made to help those who are struggling energy bill Loan.

To qualify for assistance, you must meet eligibility criteria – such as having less than £1,000 in savings.

As the energy bills are rising, the demand for this scheme is likely to be high, so make sure you apply sooner rather than later.

You will be able to apply for assistance through British Gas Energy Trust website.

National insurance limit increases

on 6th July, National insurance limit will increase,

The amount you can earn before you start paying national insurance Contribution (NIC) will increase from £9,000 to £12,570.

This means you can earn more before tax is due – and some people will pay nothing now.

You can check exactly how little you will pay in your pay packet and how much you will get Using government calculators.

Someone on a salary of £20,000 would pay about £291 less each year.

tax credit renewal deadline

The tax credit renewal deadline is July 31.

Millions of families claiming benefits have been told they should refresh their claim – or The risk of their paying off completely.

there are two types of tax credits Working tax and child tax credit.

universal credit Both of these have been swapped out for the new contenders, but many have yet to switch to the new advantage.

Nearly 2.5 million claimants getting tax creditsUpgrade packs were shipped to ts last year.

The amount you receive depends on your circumstances but can cost £3,545 for the Child Tax Credit or £3,345 for the Working Tax Credit.

A claim for the tax credit must be renewed every year, otherwise benefits may be withheld, and you may have to pay the money back.

three price hikes

Thousands of payments on the way to customers with three wills Check out the price hike from July 12.

Affected customers are those who top up with credits and pay only for calls and messages they actually use.

The network previously charged phone calls and texts at 10p, but soon calls will increase to 35p per minute and texts will be 15p each.

The data costs double and will soon cost 10 paise per MB.

But there is a way to avoid the hike.

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However, bundled packages – which have been paid in advance for a certain amount of minutes, text and data – will not be affected by the price hike.

So to avoid paying more or switching to another provider, Three recommends trying one of its bundled packages.



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