HOUSEHOLDS will want to circle these ten key dates in their diaries when some big money changes are happening next month.
July is a big month for your finances, with the first instalment of the £650 cost of living payment landing in accounts, to the National Insurance threshold rising.
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We explain what’s happening and when, and how it will affect your wallet.
First £650 cost of living payment instalment
More than eight million households will be given the first chunk of their one-off £650 cost of living payment next month.
The first lot of money is worth £326 and will be paid between July 14 and the end of the month.
You’ll get the help if you claim the following means-tested benefits: Universal Credit, income-based Jobseeker’s Allowance (JSA), income-related Employment and Support Allowance (ESA), income support and Pension Credit.
You will need to be on eligible benefits or have begun a successful claim as of May 25 2022 to get the first payment.
There’s no need to apply for the payment – it will land in your account automatically.
But those claiming tax credits will have to wait longer for their payment.
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£1,000 British Gas bill help scheme opens
On July 1, the British Gas Energy Trust opens again – and you don’t have to be a customer to get up to £1,000 help for your bills.
The money is designed to help those struggling with energy bill debts.
You’ll need to hit the eligibility criteria to qualify for the help – like having less than £1,00 in savings.
Because energy bills are soaring, the scheme is likely to have high demand so make sure you apply sooner rather than later.
You’ll be able to apply for the help through the British Gas Energy Trust website.
National Insurance threshold rises
On July 6, the National Insurance threshold will rise.
The amount you can earn before you start paying National Insurance contributions (NICs) will rise to £12,570 from £9,000.
It means you can earn more before the tax is due – and some people will now pay nothing at all.
You can check exactly how much less NICs you’ll pay and how much more you’ll get in your pay packet using the government’s calculator.
Someone on a salary of £20,000 will pay around £291 less each year.
Tax credits renewal deadline
The tax credits renewal deadline is July 31.
Millions of households who claim the benefit have been told they must refresh their claim – or risk seeing their payments stop completely.
There are two types of tax credits – working tax and child tax credit.
Universal Credit has replaced both these for new claimants, but many have not yet made the switch over to the newer benefit.
Around 2.5million claimants getting tax credits were sent renewal packs last year.
The amount you get depends on your circumstances but it can be worth as much as £3,545 for child tax credits or £3,345 for working tax credits.
Each year a claim for tax credits must be renewed, otherwise the benefit could be stopped, and you could even have to pay money back.
Three price rises
Thousands of pay as you go customers with Three will see prices go up from July 12.
Affected customers are those who top up with credit and only pay for the calls and texts they actually use.
The network previously charged phone calls and texts at 10p, but soon calls will rise to 35p per minute and texts will be 15p each.
Data is set double in price and will soon cost 10p per MB.
But there’s a way to avoid the hikes.
Bundle packages, however, which have a set price paid in advance for a certain amount of minutes, texts and data – will not be impacted by the price hikes.
So to avoid paying more or switching to another provider, Three recommended trying one of its bundle packages.
Changes to sick notes
As of today, more healthcare professionals will be able to hand out sick notes.
Before only doctors could authorise these, but now nurses, occupational therapists, pharmacists and more can hand them out.
New cars must be given speed limiters
From July 6, all new cars must be fitted with a speed limiter.
These will tell drivers when they’re going too fast in an effort to stop them from breaking the law.
If the car doesn’t slow down, the speed limiter will automatically reduce the engine’s power and speed.
The Home Office latest figures show 6,000 drivers a day were caught for speeding in the UK last year.
Latest inflation figures due
The UK’s inflation figure will be given an update on July 20.
Inflation currently stands at 9.1%. It’s soared to the highest level since March 1982.
Latest figures cover the 12 months up until May, but the update will calculate figures including June.
Bank of England experts are predicting inflation to reach 11% by the end of the year.
Funeral plans to be regulated
From July 29, pre-paid funeral arrangements will fall under the Financial Conduct Authority.
This means customers will be covered by a Financial Services Compensation Scheme should a company go bust. So there will be toucher checks on providers.
The regulation also means you’ll get to complain to the Financial Ombudsman Service (FOS) if you think you’re being mistreated by a provider.
Tax ‘pay on account’ deadline
If you’re self-employed, the deadline for your second ‘payment on account’ bill will be due on July 31.
These are two advance payments that most taxpayers need to make each year.
For most, the first bill was due on January 31. The amount depends on how much your previous tax bill was worth.
However, if your last self-assessed tax bill was less than £1,000, you shouldn’t need to make a second payment.
You also won’t need to pay another bill if you’re already paid more than 80% of the tax you owe.
If you still have tax to pay after you’ve made both your “payments on account”, you’ll need to make a “balancing payment” by midnight on January 31 the following year.
