The start of April will see a host of key changes being introduced which could make a big difference to your finances.
From April, the Department for Work and Pensions will introduce several changes that could significantly impact your finances. These new rules, which kick in with the start of the new financial year, will affect things like National Insurance, wages, benefits, and pensions.
National living wage and minimum wage increase - April 1 From 1st April, both the national living wage the wage rate paid to most UK workers and the minimum wage for younger workers will increase. The national living wage currently stands at £10.42 per hour for workers aged over 23, but from April 2024, it will rise to £11.44.
Car tax changes - April 1 Changes to car tax are coming into effect on April 1. These changes will affect petrol, diesel, and hybrid drivers. The amount you pay in VED is mostly based on how much pollution your car produces. This means people with petrol and diesel cars that pollute more will be most affected.Top Money Stories Today TV licence increase - April 1 The cost of a TV licence is set to jump from £159 a year to £169.50 starting April 1. This fee is mandatory if you watch or record live TV programmes on any channel, whether on a TV, PC, laptop, tablet, or phone.
However, any reductions in NI are likely to be significantly offset by existing policies that have frozen income tax and National Insurance thresholds the levels at which people start paying these taxes at £12,570. National Insurance thresholds used to increase annually, usually in line with inflation, but they are now frozen at their current levels for another four years until April 2028.
The increase will affect nearly all benefits including universal credit and PIP. It's worth noting that due to the way many benefits are paid each month you might not see the full new rates reflected in your payments until a few weeks after April 8.
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