7 March 2024
Our Benefits Adviser, Helen Wild, has pulled together some key points from yesterday’s budget:
- National insurance contributions have been cut by another 2%.
Previously 12% (2023), they were reduced to 10% in January and from 6th April they will be 8%.
This equates to £200 extra in your wage for each 10k over the tax allowance of £12,570. - Child benefit changes
Child benefit can be claimed in full where the highest earning parent earns up to £60k.
It is currently £50k. Partial child benefit can be claimed where the highest earning parent earns up to £80k (currently £60k). - Debt relief orders
Debt relief orders, which are like bankruptcy for those with few assets, will no longer be subject to the £90 application fee. - Household Support Fund
The household support fund, currently run by local councils to provide help with essentials such as food, energy and water, will run for a further 6 months. Claimants do not have to be in receipt of benefit to access this fund, but it is aimed at the most vulnerable in society. - Universal Credit
For Universal Credit, the repayment period for the emergency interest free loan has been increased from 12 months to 24 months.