Liverpool news 14 important tax year changes that start today including pensions PremierLeague-News.Com

PremierLeague-News.Com - Changes to sick pay, maternity pay and child benefit will come in to force today

Liverpool news 14 important tax year changes that start today including pensions PremierLeague-News.Com

PremierLeague-News.Com - Changes to sick pay, maternity pay and child benefit will come in to force today

Liverpool news  14 important tax year changes that start today including pensions PremierLeague-News.Com
06 April 2021 - 07:15

PremierLeague-News.Com - Breaking Sport Transfer News ! For millions of people across the country, new changes are about to start as today marks the beginning of a new tax year. The changes follow last month's Budget when Chancellor Rishi Sunak revealed there would be amendments to Universal Credit, pensions, first-time buyers and income tax thresholds. Rishi Sunak said he and the Government would do “whatever it takes” to protect those impacted by the coronavirus pandemic. The Chancellor set out extensions to the furlough scheme, business rates relief, the £20 uplift to weekly Universal Credit payments and the stamp duty holiday. Last week, workers on the minimum wage already saw their wages go up - with the highest rate (the National Living Wage) now including those aged 23 and over. While today, state pension payments are also rising and child benefit, housing benefit and a host of other benefits are going up in the coming days. Here are the major changes that you need to know about, according to the Mirror. 1. Pension Credit From today, Pension Credit payments are rising from £173.75 to £177.10 - with the rates increasing even further if you are a carer. The benefit exists to protect people from poverty in retirement - and could also get those who qualify a free TV Licence. Around one million people are currently missing out on Pension Credits - find out if you qualify, here. 2. 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% tax payers) will jump to £50,271. This means a few extra 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 1.3million more people paying income tax and one million more paying the higher rate of tax in the long run. Get the Echo House and Home newsletter The House and Home newsletter will bring you the best property stories for Merseyside. We'll be looking at incredible houses that are up for sale, or others that have a hidden feature. We'll also have the best deals for furniture and other items to make your home look amazing. Signing up is free and it only takes a minute for you to get the best stories, sent straight to your inbox. How to sign up for a House and Home Email Update 1) Go to our dedicated newsletter page at this link. 2) Put your email in the box where indicated 3) Tick Echo Homes and Home. 4) Press Save changes and that's it! 5) There are plenty of other newsletters to choose from too. 3. New government-backed guarantor mortgages Chancellor Rishi Sunak has pledged to bring back 95% mortgages on April 19, with a number of banks already confirming they will be offering the generous loans. The government said it hopes to lure lenders back into the low-deposit market by offering to back buyers and compensate banks or building societies if a person is unable to meet their repayments. While its success remains to be seen, Lloyds, Barclays, Santander and HSBC have already signed up to the initiative which should, in theory, offer a boost to house movers and first-time buyers. It comes alongside an extended stamp duty holiday which will now run until the end of June. All purchases up to £500,000 will continue to be tax-free, with a further extension on homes bought up to a value of £250,000 until the end of September - benefiting second movers. Rightmove estimates that the average stamp duty saving in England is £5,802. 4. State pensions rise State pension payments will rise for millions of retirees today as new rates come into force across England and Wales. The Department for Work and Pensions (DWP) said pensioners will see their incomes rise by 2.5% a week. People over the age of 66 on the full, new state pension will receive £179.60 per week - an increase of £4.40 on the current rate of £175.20. The rise equates to an extra £17.60 a month and £228.80 for the 2021/22 financial year. Those on the 'old' basic State Pension (category A or B), currently receiving £134.25 each week, will be paid £137.60 - a benefit increase of £3.35. This amounts to an extra £13.40 a month or £174.20 for the 2021/22 financial year. The annual increase is linked to the ‘triple lock’, which was introduced in 2010 to safeguard pensioners from any increases below the cost of living. 5. Statutory Sick Pay Statutory Sick Pay (SSP) rates are changing on 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. 6. 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 today. 7. Working tax credits Brits on working tax credits will see their Covid uplift end today, but all is not lost. Instead, families will get a £500 one-off payment to help them through the ongoing crisis on April 23. It's available to those who, on March 2 2021, received: Working tax credit payments both working tax credit and child tax credit payments Child tax credit payments and are eligible for working tax credit but do not get a payment because their income is too high Find out who qualifies here. 8. Child benefit is rising Millions of families are set to get a financial boost when child benefit increases in line with inflation.

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.15 for their first child. Those with more than one child will get £14 per week from April 12. Child benefit is available to families with dependents up to the age of 16, or 20 if they are in full-time education or registered on a government-approved training course. 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. Child benefit comes through every four weeks and also gives claimants national insurance credits that 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 1% for every £100 earned over £50,000. If over £60,000 is earned in a year, the whole amount must be repaid. Find out more on how this works, here. 9. Universal Credit Universal Credit is rising slightly today on top of the £20 uplift extension. Those single and under 25 will see their standard allowance 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. We've broken down all of the Universal Credit payment changes here. Elsewhere, the £20 a week Covid uplift will continue until October 1, 2021. 10. 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). 11. Advance Universal Credit payments Universal Credit advance payments are also changing - and it's good news. Advance payments currently have to be paid back in instalments over 12 months - but that repayment period is now increasing to 24 months. Deductions are currently capped at 30% of the standard allowance, but is also falling to 25%. 12. 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) from April. 13. 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 today. Those entitled to main phase ESA will get £74.70 (up from £74.35) from April 6. 14. 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.

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