Thousands of UK sole traders and landlords are now affected by a major HMRC tax reporting change linked to the £50,000 income threshold. Making Tax Digital (MTD) for Income Tax became mandatory from 6 April 2026 for sole traders and landlords whose qualifying income was more than £50,000 in the 2024/25 tax year, unless they … Read more
People living alone are facing a growing financial disadvantage because they have to cover household costs without another person to share them with. New research estimates that single households could face a cost disadvantage of around £12,983 a year, equivalent to approximately £1,082 a month, compared with households where costs can be shared. The figure … Read more
People receiving Universal Credit or Personal Independence Payment (PIP) are being reminded to tell the Department for Work and Pensions (DWP) when important circumstances change. Failing to report a relevant change could result in a claimant receiving the wrong amount of benefit and potentially having to repay an overpayment. Universal Credit changes to report Universal … Read more
Universal Credit claimants are being reminded to keep their circumstances up to date as the Department for Work and Pensions (DWP) strengthens checks designed to identify incorrect benefit payments. Official figures show that Universal Credit overpayments totalled around £6.72 billion in the financial year ending 2026, with 21% of UC claims estimated to have been … Read more
Millions of UK pensioners are set to see their State Pension increase from April 2027, but not every part of a State Pension payment will receive the same rise. The Department for Work and Pensions has confirmed that the full new State Pension will increase by 3.9%, rising from £241.30 to £250.70 a week from … Read more
UK savers and taxpayers may have seen claims about a £20,000 tax-free allowance linked to recent HMRC and Government tax updates. But the figure needs some clarification because it is not a £20,000 personal Income Tax allowance. The £20,000 figure relates mainly to the annual Individual Savings Account (ISA) subscription limit. £20,000 is not your … Read more
Many State Pensioners could be missing out on disability-related financial support because of common misconceptions about who can claim. One of the main benefits to check is Attendance Allowance, which can be worth up to £114.60 a week under the current 2026/27 rates. That is around £5,959 a year if paid for a full 52 … Read more
Millions of people receiving the State Pension and other benefits could see their usual payment dates change over the Christmas and New Year period. The changes are linked to the UK bank holidays. GOV.UK states that benefits and pensions due on a weekend or bank holiday are usually paid on the working day before. Christmas … Read more
UK homeowners could see changes to their mortgage costs in 2027 as interest rates and mortgage deals continue to shift. But whether your monthly payment actually changes will depend largely on the type of mortgage you have and when your current deal ends. The Bank of England raised Bank Rate to 4% in November 2026, … Read more
New Child Benefit Rates Confirmed Millions of UK families are set to receive higher Child Benefit payments from April 2027, after HMRC confirmed the new rates for the 2027/28 tax year. The increase follows the annual review of Child Benefit rates, with payments rising by 3.5% in line with CPI inflation. The new rates will … Read more