In December, aside from the usual expenses associated with Christmas, there are significant financial developments on the horizon that could impact your finances.
Some households will receive a Christmas bonus payment, and updates on inflation and interest rates are expected. Additionally, various winter assistance programs, such as Cold Weather Payments and the Warm Home Discount, will continue through December.
The Department for Work and Pensions (DWP) is set to distribute its annual tax-free Christmas bonus of £10 to eligible households early in the month. This bonus does not affect other benefits and typically arrives by January 1 for those claiming specific benefits.
Inflation figures from the Office for National Statistics (ONS) will be published on December 17, with the current rate at 3.6%. The Bank of England will announce its next interest rate decision on December 18, with the current base rate standing at 4%.
Due to the Christmas and New Year holidays falling close together, benefit payments will be made in advance for thousands of recipients. If your benefit is due on Christmas Day or Boxing Day, you can expect to receive it on December 24. Similarly, if your benefit is scheduled for January 1, you will likely receive it on December 31.
Self-assessment taxpayers looking to have HMRC collect owed tax via their PAYE tax code must submit their online returns by December 30. This option is available for those with tax bills under £3,000 who already pay tax through PAYE.
Throughout December, support schemes like Cold Weather Payments, Winter Fuel Payments, and the Warm Home Discount will offer financial assistance to eligible households.
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