Nine big financial changes are happening this week

BRITS will want to know about nine financial changes that are happening this week that could affect your portfolio this week.

From the end of the holiday to the increase in the energy bill, we explain all the key dates in your agenda that you need to know.


These Nine Big Changes Coming This Week Could Affect Your Finances – We’ve Told You HowCredit: Getty

Leave ends

The leave will not continue after September, which means you will not be able to receive help after Thursday (September 30).

Under current leave rules, employees receive up to 80% of wages paid for hours not worked, up to a maximum of £ 2,500.

Currently, the program provides that companies pay 20% of the salaries of staff on leave, while the government takes care of the remaining 60%.

Although the Chancellor has said aid will cease at the end of September, unions have called for the leave scheme to be made permanent in the event of future economic shocks.

Experts also warned that the end of the government’s flagship program could put a million jobs at risk.

Increase in the energy bill

Households will experience a record increase in their energy bill from Friday, October 1.

Energy regulator Ofgem has announced that the energy price cap will rise from that point, meaning 11 million Britons will see their bills increase by £ 139 per year.

This means bills will drop from £ 1,138 currently to £ 1,277 – the highest since the cap was launched in January 2019.

E.on, SSE and EDF have already increased their prices to the maximum on the cap.

If you are wondering if you can afford the hike, there are ways you can beat the hikes.

You can save an average of £ 141 by switching providers and choosing a cheaper deal, according to Uswitch.

There are also government programs where you can get help paying your bills – including winter fuel payments, cold weather payments, and hot house discounts.

£ 20 universal credit increase ends

Those on universal credit have already started receiving alerts warning them that the end of the £ 20 per week increase is fast approaching.

The £ 80 per month increase, which was introduced to help struggling families during the Covid pandemic, will end on Friday October 1.

The DWP sent out further notifications in August and September until the boost was removed at the end of next month.

To view your journal and universal credit statement, you must log into your online account.

When you receive your update will depend on when you usually receive your payment.

Applicants will receive information on the additional amount they have received and when their last increased payment will be made.

You will also be told where to look for advice on money management and budgeting.

Ban on halogen bulbs takes place

Sales of halogen bulbs should be banned from October 1.

The ban was supposed to go into effect from September but was pushed back by a month, The Sun confirmed.

This means households will have to use LED bulbs from October instead.

Before the ban, you might want to stock up on blisters before it’s too late.

You can also choose to put some money aside to get started on slightly more expensive alternatives within the next month.

However, households won’t have to replace bulbs before the deadline, so if you don’t have enough before the sales ban, you can replace your existing lights as and when you need them.

End of the fifth self-employment scholarship

Thursday, September 30 is the last chance to apply for the Fifth Self-Employment Grant.

Independent Britons could be compensated for losses they expect to experience between May 1 and September 30, due to the Covid crisis.

The amount you can get depends on how much your sales decrease.

Revenue includes revenue, expenses, sales, or money earned or received by your business.

To make your claim you will need two different revenue figures so that HMRC can determine how badly you have been affected by Covid.

You will need to calculate your turnover for:

  • a 12-month period starting between April 1, 2020 and April 6, 2020
  • and either from 2019 to 2020, or from 2018 to 2019

If your turnover is down 30% or more, you will receive 80% of average trading profits over three months, up to a maximum payout of £ 7,500.

But if the turnover is less than 30%, you’ll get 30% of the three-month average trading profit down to £ 2,850.

If you only became self-employed during the 2019/2020 financial year, you will not have to justify a decrease in turnover and will receive the highest amount.

End of Covid Local Support Grant Program

The Covid Local Support Grant program will end on Thursday, September 30.

Local authorities received £ 429million to pay to vulnerable residents as part of the Covid Winter Support Grant in December, following pressure from footballer and anti-poverty activist Marcus Rashford.

But the payments vary depending on where you live and what help you need.

The Sun found that some councils were distributing up to £ 1,500 to struggling Britons to help pay for food, bills and other basic necessities.

Grants are often awarded on a case-by-case basis, with different application processes in place across the country.

To apply, you must first identify the local authority area in which you live.

Then you should visit the council’s website and find the appropriate page for information on the Covid Local Support Grant.

If you can’t find the information online, visit the “contact us” section of the website and email or call your city council to find out how to apply in your area.

The eviction notice period returns to normal

The government has set in motion a parliamentary procedure meaning that the notice periods for deportations in England return to normal from this Friday, October 1.

The eviction notice period is currently four months, after being reduced by six months in June.

But from October 1, they will return to the normal pre-Covid period, which is two months.

This means Britons will have two months less to find new accommodation if their landlord wants them to move out, putting thousands of tenants at risk.

If you are at risk of losing your home, charities like Shelter can help.

It is also good to know the rights of your tenants and how to claim compensation if you are wrongly evicted.

Changes to VAT holidays

The value-added tax holiday will change on September 30, this Thursday.

Last summer, VAT was reduced from 20% to 5% for food, beverage and holiday businesses.

But from October, the tax will drop to 12.5% ​​for six months.

It will then revert to the normal rate of 20% in April.

This means that households will have to pay more for eating out, going to the pub and for many other activities.

The stamp duty holiday finally ends

Aspiring homeowners only have a few days left to take advantage of the latest stamp duty holiday aid.

The government removed stamp duty on property up to £ 500,000 in July last year.

Complete relief came to an end in June this year, sparking a frenzy in the housing market as buyers rushed to miss the deadline.

However, the aid has not completely disappeared – it has diminished.

The tax exemption threshold is currently £ 250,000, but will return to its normal limit of £ 125,000 from October.

This means that buyers pay 2% of the value of the house worth between £ 125,001 and £ 250,000, and 5% above up to £ 925,000.

But you can still avoid paying the tax – even when the stamp duty holiday ends.

This is because you will not have to pay ANY stamp duty leave on properties valued at £ 125,000 or less.

There are also exemptions for first-time buyers.

Rishi Sunak promises leave to end in September and has no plans to extend it

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