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Millions face being pushed backwards, losing more than £500 a year by the end of the decade, as Rachel Reeves’s tax decisions bite, new analysis claims.The figure is based on an assumption that Rachel Reeves will go ahead with a planned freeze on tax thresholds that was announced in her November budget.The freeze was brought in by the Conservatives in 2021-22 and extended to 2028, however the Chancellor has announced it will now run through to 2031.According to analysis by the right wing think tank the Centre for Policy Studies (CPS), workers earning around £50,000 will see their real, post-tax pay fall over the next five years despite expected pay rises and inflation-linked increases.Once adjusted for forecast inflation and wage growth, post-tax income for someone earning about £50,000...

More than a million people have been told they must repay benefits they have been paid incorrectly. According to The Big Issue there are about 1.1 million people who owe money to the Department of Work and Pensions (DWP)But many of these only find out they are not entitled to the money long after it has been spent. They then must find ways of paying back the cash - even if the mistake is not theirs but made by the DWP. There are several issues that can lead to overpayment, some mistakes by the claimant and others as a result of DWP errors or delays.There are several types of errors that can result in overpayment, some attributable to the claimant, others to the DWP.Technical issuesOccasionally, mistakes made by the DWP or HMRC result in people receiving excess funds. In such cases, you ...

UK households can get a £500 cost of living payment this January if they live in one part of the UK. Camden Council is offering payments of up to £500 for people ‘in an emergency financial situation’ and those eligible don’t necessarily need to be on benefits in order to apply.The Household Support Fund is a DWP scheme which hands money to local councils across the country for each to distribute as they see fit. Because it’s funding to local government, each authority can set its own rules for who’s eligible for the money and how much they will give out. Camden Council has chosen to make an emergency fund of up to £500 available, and as part of its service it will also help claimants to ensure they are claiming all of the benefits they are entitled to as well.If you don’t live in Camden...

Thousands of people up and down the country claim Universal Credit, the DWP’s catch-all benefit which is slowly replacing various other benefits in order to support people on low incomes. Universal Credit is not just for those out of work, but is also applicable to many working full-time on low salaries as a means to top up income.But the benefit doesn’t stop there, and many may not realise that Universal Credit can be a gateway to as much as £4,278 of freebies and discounts you can apply for in January alone.Council Tax discount - up to £1,628 Those on Universal Credit are eligible to claim up to 75% off their Council Tax bill. The exact amount depends on various factors such as your income, whether you live alone, have children or have a disability.A 75% discount on an average Band D ...

The New Year has arrived and with the dawn of January comes financial planning for 2026. One look at your bank balance after Christmas and you'll probably be ready to make some responsible choices for this year, as the hangover of the festive season keeps us skint until Valentine's Day.And this month, there are already five key money changes to look out for, affecting everything from energy bills to booze and taxes. The changes, starting on January 1 and spread throughout the month, could directly affect the amount of spending power and disposable income you have this year. Here are all the key money changes to make a note of in January 2025:January 1 - Ofgem energy price capStarting on January 1, Ofgem has raised prices on gas and electricity yet again, with a 0.2% rise on typical hous...

Households can get a tax-free Personal Allowance boost up to £17,610 in a single tax year by using a simple HMRC scheme if they are married and backdating it for the three previous years. It's a good time to look at your tax code and work out what you owe - and what you can save - by taking advantage of some of the fully legal tax allowances in the UK, given that the deadline is rapidly approaching for self-assessment tax at the end of January.And just a few weeks ago, the tax-free Personal Allowance was frozen again for another three years, all the way until 2031. That will mean it's been stuck at the same level for a decade, after it was first frozen in 2021. The end result is that because of ‘fiscal drag’, more and more people are going to end up paying more and more tax on their ear...

The DWP is sending Cold Weather Payment cash to another 10 postcodes today. The Department for Work and Pensions makes extra cash available over the winter when the temperature drops, to help those in need pay for the cost of heating their home and keeping warm.The scheme runs from November to March each year, and the payments are issued based on the weather conditions in specific postcodes. Low-income families are then given £25 when the temperature drops to 0C or lower for seven days in a row. The DWP confirmed on Saturday, January 3 that families in 10 more UK postcodes will receive the money.The full list is:SY10 - Oswestry, ShropshireSY15 - ShrewsburyLL20 - Llangollen, WalesLL21 - Corwen, WalesLL23 - Gwynedd, WalesSY16 - Newtown, WalesSY17 - Caersws, WalesSY19 - Llanbrynmair, Wales...

President Donald Trump opens up about the U.S. capture of Venezuelan dictator Maduro on 'Fox & Friends Weekend.' President Donald Trump pledged a U.S. return to Venezuela’s oil industry following the stunning predawn capture of Venezuelan President Nicolás Maduro, accusing the country’s socialist government of seizing American energy assets and dismantling an industry built with U.S. investment. "We built Venezuela’s oil industry with American talent, drive and skill, and the socialist regime stole it from us," Trump said during a news conference at Mar-a-Lago in Palm Beach, Florida."Venezuela unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars," he added. "They took all of our property." FOLLOW FOX NEWS...

The Winter Fuel Payment is back to being universal for everyone, unless you earn too much and have to give it back. But the amount you're given actually depends on your age, with older state pensioners able to get an instant £100 uplift. The payment starts at £200, but rises to £300 for every state pensioner over a certain age during the qualifying period.Only those who earn more than £35,000 per year will be required to repay the money to the Government. This means that every state pensioner will receive the money, and only those earning £35,000 or more per year will be required to repay it to HMRC in tax. But what many don’t realise is that if you do keep your Winter Fuel Payment this winter, the exact amount you get paid changes depending on the year you were born and possibly becaus...

It pays for bin collections, leisure centres and social care - as well as loads more besides - but there are few people who really enjoy paying their council tax. It usually goes up by 4.99% (the legal maximum) every year, and in parts of the country bin collections are reported to get sloppier and services cut. But there is good news for the majority of council tax payees this February and March 2026.What a lot of people forget is that for most people, council tax is by default paid in 10 monthly instalments, not 12. As a result, a majority of people who pay council tax are set to get two 'free' months in February and March, where the regular monthly payments are not collected.As Hyndburn Borough Council explains: "A standard council tax bill is payable over 10 months from April to Jan...