EIGHT big money changes are taking place in November, and millions should take note.
From a major tax cut to hundreds in direct government support – we’ve listed how your finances could be affected this month.
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Do bear in mind that you may not be eligible for some of the support listed below.
However, millions will be affected by a major tax cut and direct cash support to help with their energy bills.
November 1 – Up to £75 in cold weather payments available
When temperatures plummet those in low-income households can get a £25 payment.
The cold weather payments are made in locations where residents experience continuous below-zero weather.
The payment is made automatically, including to those on Universal Credit, for each seven-day period of low temperatures from today to March 31.
November 3 – Bank of England could raise interest rates
The Bank of England last hiked interest rates to 2.25% on September 22.
And it’s expected that interest rates could rise by 75 basis points to 3% from as early as this week.
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Lifting interest rates is meant to encourage people to save, rather than spend, which in theory should help bring rampant inflation under control.
The central bank has already hiked the base rate seven times this year.
Rising interest rates make the cost of borrowing, including through loans, credit cards and mortgage repayments, more expensive.
But savers are benefiting and banks are battling it out to offer customers market-leading savings rates.
Experts are now suggesting that average saving rates could reach 5% in a matter of months.
November 6 – National Insurance increase scrapped
A 1.25% point increase to National Insurance will be scrapped from Sunday.
The move will save workers an average of £135 a year in 2022, rising to £330 in 2023-24.
But, the exact amount that you will save will depend on how much you earn.
Those on £20,000 will save £93 a year.
Individuals earning £30,000 a year will save £218 a year and those on £40,000 will save £343 a year.
Those on £50,000 will save £468 a year and individuals on £60,000 will save £593 a year.
Lower earners, on less than £12,570 a year, won’t benefit from the change.
You don’t pay any tax under this amount which is your tax-free personal allowance.
November 8 – second half of £650 cost of living payment
Millions of households have been paid the first part of their £650 cost of living payment.
Around eight million payments have already been made to help hard-up households to help them pay for spiralling bills and essentials.
And those on the following benefits are eligible for the second payment worth £324:
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
- Universal Credit
The second payment will be paid between November 8 and 23.
The cash will automatically land in the bank account that people use to receive their benefits.
Those who claim tax credit will be paid later on in the month.
November 17 – deadline to backdate benefits and qualify for the Warm Home Discount
The Warm Home Discount is available to those on the lowest incomes to help with rising costs.
However, don’t need to apply to get the cash and you’ll automatically qualify if you are receiving certain benefits including pension credit.
Energy suppliers will automatically dish out the payment, worth £150 this year, as long as you were receiving pension credit on or before Sunday, August 21.
However, if you later launch a successful claim for pension credit, you may still be able to qualify after this date.
Pension credit rules all allow first-time claimants to backdate their benefit entitlement by three months.
So you’ll need to launch your claim by Friday, November 18 and then successfully get it backdated to cover the August 21 Warm Home Discount qualifying date.
So if you make a claim now you could be in the qualifying period for the Warm Home Discount.
Payments for the £150 Warm Home Discount scheme will likely begin in December.
November 23 – second half of £650 cost of living payment for those on tax credits
Those receiving tax credits will be paid the second half of the cost of living payment after November 23.
The government is paying tax credit claimants later than those getting DWP benefits like Universal Credit to avoid paying anyone twice.
Anyone who claims both types of tax credits – child tax credit and working tax credit – will have the payment made into the bank account where child tax credits are paid.
November – £300 pensioner cost of living payment
In November, a £300 one-off “Pensioner Cost of Living Payment” will be paid out to eight million households.
It will be given to those who already get the winter fuel payment, worth between £100 and £300 for those over state pension age.
To qualify for the Winter Fuel Payment and Pensioner Cost of Living Payment, the following must apply:
- You were born on or before 25 September 1956
- You lived in the UK for at least one day during the week of 19 to 25 September 2022 – this is called the “qualifying week”.
November – £400 energy bill discount
Millions of households started receiving a £400 energy bill discount from October 1.
The payment will be dished out by your energy supplier and will be split across six discounts between October and March next year.
Households will receive a £66 energy bill discount in October and November and a discount worth £67 in December, January, February and March.
We’ve listed how the leading energy suppliers plan to pay households.
British Gas, EDF Energy, Ovo Energy and Scottish Power plan to send the cash directly into customer bank accounts.
The way you’ll be paid will depend on how you pay for your energy.
If you’re on a credit meter or smart prepayment meter the discount will come off your bills or be credited to your account automatically.
Those on traditional prepayment meters will receive the discount through a voucher.
Check with your supplier to confirm how you’ll receive the cash.
For more information on eligibility, important dates, or anything else make sure to check out our other articles.
There are further payments and discounts coming out in December as well, such as the Universal Credit Christmas bonus.
